Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4,6-5) [The following information applies to the questions displayed below.] Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycie Shop uses a periodic inventory system. Date March 1 March 5 Transactions Beginning inventory Sale (5390 esch) Units 20 Unit Cost S 245 Total Cost $ 4,900 15 March o Purchace 10 265 2,650 March 17 Sale ($440 esch) March 22 Purchase March 27 Sale (5465 each) 10 275 2, 750 12 March 30 Purchase 295 2, 300 $12, 660 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 sole consists of four bikes from beginning inventory and eight bikes trom the March 22 purchase. Problem 6-2A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold
Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4,6-5) [The following information applies to the questions displayed below.] Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycie Shop uses a periodic inventory system. Date March 1 March 5 Transactions Beginning inventory Sale (5390 esch) Units 20 Unit Cost S 245 Total Cost $ 4,900 15 March o Purchace 10 265 2,650 March 17 Sale ($440 esch) March 22 Purchase March 27 Sale (5465 each) 10 275 2, 750 12 March 30 Purchase 295 2, 300 $12, 660 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 sole consists of four bikes from beginning inventory and eight bikes trom the March 22 purchase. Problem 6-2A Part 1 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 62E
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