|
Greg’s Bicycle Shop has the following transactions related to its top-sellingMongoose mountain bike for the month of March 2015. Greg’s Bicycle Shop uses a periodic inventory system.
|
|
Date
|
Transactions
|
Units
|
Cost per
Unit
|
Total Cost
|
|
March 1
|
Beginning inventory
|
20
|
$205
|
$
|
4,100
|
|
March 5
|
Sale ($310 each)
|
15
|
|
|
|
|
March 9
|
Purchase
|
10
|
225
|
|
2,250
|
|
March 17
|
Sale ($360 each)
|
8
|
|
|
|
|
March 22
|
Purchase
|
10
|
235
|
|
2,350
|
|
March 27
|
Sale ($385 each)
|
12
|
|
|
|
|
March 30
|
Purchase
|
9
|
255
|
|
2,295
|
| |
|
|
|
|
|
| |
|
|
|
$
|
10,995
|
| |
|
|
|
|
|
| |
References
Section BreakProblem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods [(LO3, 4, 5)
1.
value:
1.00 points
Required information
Problem 6-2A Part 1
|
Required:
|
|
1.
|
Calculate ending inventory and cost of goods sold at March 31, 2015, using 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.
|
References
eBook & Resources
Problem ADifficulty: Hard
Problem 6-2A Part 1Learning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.
Check my work
2.
value:
1.00 points
Required information
Problem 6-2A Part 2
|
2.
|
Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015.
|
References
eBook & Resources
Problem ADifficulty: Hard
Problem 6-2A Part 2Learning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.
Check my work
3.
value:
1.00 points
Required information
Problem 6-2A Part 3
|
3.
|
Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015.
|
References
eBook & Resources
Problem ADifficulty: Hard
Problem 6-2A Part 3Learning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.
Check my work
4.
value:
1.00 points
Required information
Problem 6-2A Part 4
|
4.
|
Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015.(Round your intermediate and final answers to 2 decimal places.)
|
References
eBook & Resources
Problem ADifficulty: Hard
Problem 6-2A Part 4Learning Objective: 06-03 Determine the cost of goods sold and ending inventory using different inventory cost methods.
Check my work
5.
value:
1.00 points
Required information
Problem 6-2A Part 5
|
5.
|
Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)
|
| |
|
References
eBook & Resources
Problem ADifficulty: Hard
Problem 6-2A Part 5Learning Objective: 06-04 Explain the financial statement effects and tax effects of inventory cost flow assumptions.
Check my work
6.
value:
1.00 points
Required information
Problem 6-2A Part 6
|
6.
|
Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?
|
FIFO
LIFO
References
eBook & Resources
Multiple ChoiceDifficulty: Hard
Problem 6-2A Part 6Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system.
Check my work
7.
value:
1.00 points
Required information
Problem 6-2A Part 7
|
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.)
|
| |
|
References
eBook & Resources
Problem ADifficulty: Hard
Problem 6-2A Part 7Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system.
Check my work
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