Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for...
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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. Unit Cost $ 180 Total Cost $3,600 Date March March March March March March March Transactions Beginning inventory Sale ($260 each) Purchase Sale ($310 each) Purchase Sale ($335 each) Purchase Units 20 15 10 8 10 12 200 2,000 210 2,100 7 230 1,610 $9,310 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. 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.) Journal entry worksheet Record the LIFO adjustment. Note: Enter debits before credits. Date General Journal Debit Credit March 31
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