s Required information[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 ofMarch. Greg's Bicycle Shop uses a periodic inventory system.DateMarchMarchMarchMarchMarch 22March 27March 30159TransactionsBeginning inventorySale ($400 each)Purchase17 Sale ($450 each)PurchaseSale ($475 each)PurchaseEnding inventoryCost of goods soldUnits201510810129Unit Cost$2502270280300Total Cost$5,0003. Using LIFO, calculate ending inventory and cost of goods sold at March 31.2,700For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 saleconsists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory andeight bikes from the March 22 purchase.2,8002,700$13,200

Name: s Required information[The following information applies to the questi
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: s Required information[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 ofMarch. Greg's Bicycle Shop uses a periodic

LIFO is one of the methods of inventory valuation in which it is assumed that recent or new…

Business

Accounting

Required information [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. Date Transactions March 1 Beginning inventory March 5 Sale ($400 each) March 9 Purchase Sale ($450 each) Purchase Sale ($475 each) Purchase March 17 March 22 March 27 March 30 Units 20 15 10 Ending inventory Cost of goods sold 8 10 12 9 Unit Cost $ 250 270 280 300 Total Cost $5,000 2,700 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 2,800 2,700 $13, 200 For 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.

Required information [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. Date Transactions March 1 Beginning inventory March 5 Sale ($400 each) March 9 Purchase Sale ($450 each) Purchase Sale ($475 each) Purchase March 17 March 22 March 27 March 30 Units 20 15 10 Ending inventory Cost of goods sold 8 10 12 9 Unit Cost $ 250 270 280 300 Total Cost $5,000 2,700 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 2,800 2,700 $13, 200 For 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Required information Use the following information for the Quick Study below. (Algo) (11-14) The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $32 each. Total Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 10 units @ $18.00 cost 20 units@ $24.00 cost 15 units@ $26.00 cost # of units Goods Available for Sale 10 20 15 45 Cost per unit Specific Identification Cost of Goods Available for Sale $ 18.00 $ 24.00 26.00 $ 180…
Required information Use the following information for the Quick Study below. (Algo) (15-18) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-15A (Algo) Perpetual: Assigning costs with FIFO LO P3 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Goods Purchased Number of Cost Per Units Unit Perpetual FIFO: Goods Purchased 19 at $ 18.00 = $ 342.00 35 at $ 27.00 = $ 945.00 29 at $ 32.00 = $ 928.00 Cost of Goods Sold Number of Units Sold Cost Per Cost of Goods Unit…
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units@ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $30 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Total Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 10 units $16.00 cost 20 units $22.00 cost 15 units @ $24.00 cost # of units Goods Available for Sale 0 Cost per unit Specific Identification Cost of Goods Available for Sale $ $ 0 0 0 0 Cost of Goods Sold # of units sold 0 Cost Cost of per unit Goods Sold $0.00 $ 0.00 $ 0 0 0 Ending Inventory of units Cost per Ending in ending unit Inventory inventory 0 $0.00 $…
Required information [The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($165 each) Purchase Sale ($180 each) Purchase Sale ($190 each) Purchase Ending inventory Cost of goods sold Units 8 5 10 8 10 11 12 Unit Cost Total Cost $148 1,184 138 128 118 $ $ 1,380 1,280 1,416 5,260 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method.
Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 1 Transactions Beginning inventory June 7 Sale June 12 June 15 June 24 Purchase Sale Purchase June 27 Sale June 29 Purchase Units 16 Unit Cost Total Cost $280 $4,480 11 10 270 2,700 12 10 260 2,600 8 10 250 2,500 $12,280 2. Using FIFO, calculate ending inventory and cost of goods sold at June 30. Answer is complete but not entirely correct. Ending inventory $ 3,020 × Cost of goods $ 5,400x sold
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. Date Transactions March 1 Beginning inventory March 5 Sale ($390 each) Purchase March 9 March 17 Sale ($440 each) March 22 Purchase March 27 Sale ($465 each) March 30 Purchase Sales revenue Cost of goods sold Gross profit Units 20 15 Specific Identification FIFO 10 8 LIFO 10 12 8 Unit Cost $245 265 275 For 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. 295 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Total Cost $ 4,900 2,650 2,750 2,360 $12,660 Weighted- average cost
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $34 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $20.00 cost 20 units @ $26.00 cost 15 units @ $28.00 cost Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Specific Identification Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods Available for Sale # of units sold Cost of per unit Goods Sold # of units Cost per in ending inventory Cost # of units unit Inventory Purchases: December 7 December 14 December 21 Total
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $34 each. Purchases on December 7 Purchases on December 14 10 units @ $20.00 cost 20 units @ $26.00 cost Purchases on December 21 15 units @ $28.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $21 each. Total Purchases on December 7 Purchases on December 14 Purchases on December 21 Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Purchases: December 7 December 14 December 21 10 units @ $7.00 cost 20 units @ $13.00 cost 15 units @ $15.00 cost # of units Goods Available for Sale 10 20 15 45 Cost per unit $ 7.00 13.00 15.00 Specific Identification Cost of Goods Available for Sale $ $ 70 260 225 555 Cost of Goods Sold # of units sold Cost Cost of per unit Goods Sold 8 $7.00 $ 7 13.00 0: 15 $ 56 91 147 Ending Inventory # of units in ending…