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Using weighted$-$average cost, calculate ending inventory and cost of goods sold at March $31.$

Note: Round your intermediate calculations to $4$ decimal places and final answers to $2$ decimal places.Greg's Bicycle Shop has the following transactions related to its top$-$selling Mongoose mountain bike for the month of March.

Required:

Calculate ending inventory and cost of goods sold at March $31,$ 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.

Using FIFO, calculate ending inventory and cost of goods sold at March $31.$

Using LIFO, calculate ending inventory and cost of goods sold at March $31.$

Using weighted$-$average cost, calculate ending inventory and cost of goods sold at March $31.$

Calculate sales revenue and gross profit under each of the four methods.

Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory?

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