[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 Bicycle Shop uses a periodic inventory system. Transactions Beginning inventory Sale ($320 each) Unit Cost $ 210 Date Units Total Cost $ 4,200 March 20 March 15 March 9. Purchase 10 230 2, 300 March 17 Sale ($370 each) 8 March 22 Purchase 10 240 2,400 March 27 Sale ($395 each) 12 March 30 Purchase 7 260 1,820 $10,720 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. 7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is require for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the LIFO adjustment.
[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 Bicycle Shop uses a periodic inventory system. Transactions Beginning inventory Sale ($320 each) Unit Cost $ 210 Date Units Total Cost $ 4,200 March 20 March 15 March 9. Purchase 10 230 2, 300 March 17 Sale ($370 each) 8 March 22 Purchase 10 240 2,400 March 27 Sale ($395 each) 12 March 30 Purchase 7 260 1,820 $10,720 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. 7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is require for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the LIFO adjustment.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...
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7. If Greg’s Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No
![[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 Bicycle Shop uses a periodic inventory system.
Date
Transactions
Units
Unit Cost
Total Cost
Beginning inventory
Sale ($320 each)
$ 210
$ 4, 200
March
20
March
15
March
9.
Purchase
10
230
2,300
March 17
Sale ($370 each)
March 22
Purchase
10
240
2,400
March 27
Sale ($395 each)
12
March 30
Purchase
7
260
1,820
$10,720
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.
7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required
for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
>
Record the LIFO adjustment.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 31
Record entry
Clear entry
View general jourmal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e5156e0-d9b4-41ce-9bdf-856d7ec834c1%2Fc57fe223-2670-4f17-923e-fcd45a0661c0%2Fawatbc6_processed.png&w=3840&q=75)
Transcribed Image Text:[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 Bicycle Shop uses a periodic inventory system.
Date
Transactions
Units
Unit Cost
Total Cost
Beginning inventory
Sale ($320 each)
$ 210
$ 4, 200
March
20
March
15
March
9.
Purchase
10
230
2,300
March 17
Sale ($370 each)
March 22
Purchase
10
240
2,400
March 27
Sale ($395 each)
12
March 30
Purchase
7
260
1,820
$10,720
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.
7. If Greg's Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required
for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
>
Record the LIFO adjustment.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 31
Record entry
Clear entry
View general jourmal
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