Mountain Cycles started March with 25 bicycles that cost $6S each. On March 16,

Question

Mountain Cycles started March with 25 bicycles that cost $6S each. On March 16, Mountain bought 50 bicycles at $80 each. On March 31, Mountain sold 31 bicycles for $106 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Mountain sold 20 bicycles that cost $65 each and 11 bicycles that cost $80 each 2.Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. Requirement 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Mountain sold 20 bicycles that cost S65 each and 11 bicycles that cost $80 each. Start by entering the beginning inventory balances. Enter the transactions in chronological crder, calculating new inventcry on hand balarces after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY Quantity: Tot Total Mountain Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. CostQTY Unit Cost Tot. Cost Q QTY Unit Cost Tot. Cost Mar. 16 Mar. 31 als

Explanation / Answer

Specific Identification:

1.

2.

FIFO:

1.

2.

LIFO:

1.

2.

Per Chegg guidelines, please post independent questions separately. Thank you.

Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit cost Tot. Cost QTY Unit cost Tot. Cost QTY Unit cost Tot. Cost Mar. 1 25 65 1625 Mar. 16 50 80 4000 25 65 1625 50 80 4000 Mar. 31 20 65 1300 5 65 325 11 80 880 39 80 3120 Totals 50 4000 31 2180 44 3445

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