3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. !Required information[Ihe following intormation applies to the questions aisplayed below.JGreg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month ofMarch. Greg's Bicycle Shop uses a pericdic inventory system.DateTransactionsUnitsUnit CostTotal Cost$ 4,200Bcginning inventorySale ($320 each)March129$ 210March515MarchPurchase192302,300Sale ($3/0 each)PurchaseSale ($395 each)PurchaseMarch17March22192402,400March2712March3072601,820$10,720For the spccific identification mcthod, thc March 5 salc consists of bikes from beginning invcntory, the March 17 saleconsiss of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning Inventory andeight bikes from the March 22 purchase.3. Using LIFO. calculate ending inventory and cost of goods sold at March 31.Ending inventoryCost of goods sold

Inventory or Stock is the goods and material a business holds for resale. Before working on the…

Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a pericdic inventory system. Date Transactions Units Unit Cɔst Total Cost $ 210 $ 4,200 March 1 March Bcginning inventory Sole ($320 each) Purchase 29 5 15 March 19 230 2,300 March Sale ($3/0 each) Purchase Sale ($395 each) 1! March 22 March 27 March 30 19 240 2,400 12 Purchase 260 1,820 $10,720 For the spccific identification mcthod, the March 5 salc consists of bikcs from bcginning inventory, the March 17 sale consis:s 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. 3. Using LIFO. calculate endirg inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold

Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a pericdic inventory system. Date Transactions Units Unit Cɔst Total Cost $ 210 $ 4,200 March 1 March Bcginning inventory Sole ($320 each) Purchase 29 5 15 March 19 230 2,300 March Sale ($3/0 each) Purchase Sale ($395 each) 1! March 22 March 27 March 30 19 240 2,400 12 Purchase 260 1,820 $10,720 For the spccific identification mcthod, the March 5 salc consists of bikcs from bcginning inventory, the March 17 sale consis:s 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. 3. Using LIFO. calculate endirg inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Use the following information to answer Short Exercises S6-3 through S6-6. Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Preparing a perpetual inventory record and journal entries—LIFO Requirements Prepare Boston Cycle’s perpetual inventory record assuming the company uses the LIFO inventory costing method. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 100 snowboards were sold. Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to 0 decimal places, e.g. 125.) FIFO The ending inventory LIFO $ AVERAGE-COST
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Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $235 $4,700 March 5 Sale ($370 each) 15 March 9 Purchase 10 255 2,550 March 17 Sale ($420 each) 8 March 22 Purchase 10 265 2,650 March 27 Sale ($445 each) 12 March 30 Purchase 9 285 2,565 $12,465 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. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.
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