Greg’s Bicycle Shop has the following transactions related to its top-selling Huffy mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date TransactionsUnits Unit Cost Total CostMarch1 Beginning inventory 20 $150 $3,000 March5 Sale ($200 each) 15 March9 Purchase 10 170 1,700 March17 Sale ($250 each) 8 March22 Purchase 10 180 1,800 March27 Sale ($275 each) 12 March30 Purchase 7 200 1,400 $7,900 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)

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Description: Greg’s Bicycle Shop has the following transactions related to its top-selling Huffy mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date TransactionsUnits Unit Cost Total CostMarch1 Beginning inventory 20

There are four methods of inventory valuation. Specific Identification. First-In, First-Out (FIFO)…

Answered: Calculate sales revenue and gross…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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Greg’s Bicycle Shop has the following transactions related to its top-selling Huffy mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system.

Date		Transactions	Units	Unit Cost	Total Cost
March	1		Beginning inventory	20		$	150	$	3,000
March	5		Sale ($200 each)	15
March	9		Purchase	10			170		1,700
March	17		Sale ($250 each)	8
March	22		Purchase	10			180		1,800
March	27		Sale ($275 each)	12
March	30		Purchase	7			200		1,400
								$	7,900

For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.

5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)

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