# 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

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### 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

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

### Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

## 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: