Question

Required Information Problem 6-2A Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4,6-5) [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. Units 20 Unit Cost $17e Total Cost $3,480 15 10 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($240 each) Purchase Sale ($290 each) Purchase Sale ($315 each) Purchase 19e 1,900 200 2,000 220 1.980 $9,280 Problem 6-2A Part 2 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold

Answer 1

Total units available for sale = 20+10+10+9 = 49 Units

Sale unit = 15+8+12 = 35 Units

Ending inventory = 49-35 = 14 Units

	FIFO
Ending inventory (9*220+5*200)	2980
Cost of goods sold (9280-2980)	6300