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Gregs 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
Gregs 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 | Units | Unit Cost | Total Cost | ||||||||||||
March | 1 | Beginning inventory | 20 | $ | 225 | $ | 4,500 | |||||||||
March | 5 | Sale ($350 each) | 15 | |||||||||||||
March | 9 | Purchase | 10 | 245 | 2,450 | |||||||||||
March | 17 | Sale ($400 each) | 8 | |||||||||||||
March | 22 | Purchase | 10 | 255 | 2,550 | |||||||||||
March | 27 | Sale ($425 each) | 12 | |||||||||||||
March | 30 | Purchase | 7 | 275 | 1,925 | |||||||||||
$ | 11,425 | |||||||||||||||
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final answers to 2 decimal places.)
Ending inventory | ? |
Costs of goods sold | ? |
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