Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2012:
Date Transactions Units Cost per Unit Total Cost
March 1 Beginning inventory 20 $196 $3,920
March 5 Sale ($309 each) 15
March 9 Purchase 10 217 2,170
March 17 Sale ($364 each) 8
March 22 Purchase 10 231 2,310
March 27 Sale ($353 each) 12
March 30 Purchase 8 245 1,960
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$10,360
Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2012. (Omit the “$” sign in your response.)
Ending inventory $
Cost of goods sold $
Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2012. (Omit the “$” sign in your response.)
Ending inventory $
Cost of goods sold $
Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2012. (Round the intermediate calculations to 2 decimal places. Round your answers to the nearest dollar amount. Omit the “$” sign in your response.)
Ending inventory $
Cost of goods sold $
. Calculate sales revenue and gross profit under each of the four methods. (Omit the “$” sign in your response.)
Specific
Identification FIFO LIFO Average Cost
Sales revenue $ $ $ $
Gross profit $ $ $ $
