four inventory methods (LU6-3, 6-4, 6-5) George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. George Bicycle Shop uses a periodic inventory system Date Transactions March 1 Beginning inventory sale (8320 each) Purchase Sale (5370 each) Purchase Sale ($395 each) Purchase March March March 17 March 22 March 27 March 30 Doisa 20 15 10 . 10 12 Unit Cost $210 230 240 240 Total Cost $4,200 2,300 2,400 3,820 $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 Durchase. Required: 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 2. Using LIFO calculate ending inventory and cost of goods sold at March 31

four inventory methods (LU6-3, 6-4, 6-5) George Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. George Bicycle Shop uses a periodic inventory system Date Transactions March 1 Beginning inventory sale (8320 each) Purchase Sale (5370 each) Purchase Sale ($395 each) Purchase March March March 17 March 22 March 27 March 30 Doisa 20 15 10 . 10 12 Unit Cost $210 230 240 240 Total Cost $4,200 2,300 2,400 3,820 $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 Durchase. Required: 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 2. Using LIFO calculate ending inventory and cost of goods sold at March 31

Name: accounting tour inventory methods (LO6-3, 6-4, 6-5)George Bicycle Shop
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Description: accounting tour inventory methods (LO6-3, 6-4, 6-5)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.DateNarch 1March 5Narc

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 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
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