6-5c type answerplease do not provide solution in image format thank you! George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. GeorgeBicycle Shop uses a periodic inventory system.DateMarch 1March 5March 9March 17March 22March 27March 30TransactionsBeginning inventorySale ($320 each)PurchaseSale ($370 each)PurchaseSale ($395 each)PurchaseUnite201510.810127Unit Cost$210Required 1Required 2Required 3Using LIFO, calculate ending inventory andEnding inventoryCost of goods sold230240For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikesfrom the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22purchase.260Required:1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.2. Using FIFO, calculate ending inventory and cost of goods sold at March 31.3. Using LIFO, calculate ending inventory and cost of goods sold at March 31.4. Using weighted average cost, calculate ending inventory and cost of goods sold at March 31.5. Calculate sales revenue and gross profit under each of the four methods.6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?7. If George Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.Complete this question by entering your answers in the tabs below.< Required 2Total Cost$4,2002,3002,4001,820$10,720Required 4cost of goods sold at March 31.Required 5 Required 6Required 4 >Required 7

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Description: 6-5c type answerplease do not provide solution in image format thank you! George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. GeorgeBicycle Shop uses a periodic inventory system

1. Specific Identification Method: Under this method, specific records of each inventory item is…

Business

Accounting

Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 4. Using weighted average cost, calculate ending inventory and cost of goods sold at March 31. 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If George Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 4. Using weighted average cost, calculate ending inventory and cost of goods sold at March 31. 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? 7. If George Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 2AP

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The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. 4. Compare the gross profit and the March 31, 2016, inventories, using the following column headings:
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