# Greg’s bicycle shop uses a periodic inventory system

 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 perUnit 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 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 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 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 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 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 6-2A Part 7Learning Objective: 06-05 Record inventory transactions using a perpetual inventory system.

Check my work

Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

### Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

### Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors: