Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 Cost per Unit Total Cost
March 1 Beginning inventory 20 $175 $ 3,500
March 5 Sale ($250 each) 15
March 9 Purchase 10 195 1,950
March 17 Sale ($300 each) 8
March 22 Purchase 10 205 2,050
March 27 Sale ($325 each) 12
March 30 Purchase 8 225 1,800
$ 9,300

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

Ending Inventory ?
Cost of goods sold ?

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

Ending Inventory ??
Cost of goods sold ??

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 ??
Cost of Goods Sold ??

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CA FOUNDATION FINANCIAL ACCOUNTING BY NSHAH MODULE I

Authors: Sanjay Nanak Chand Thadhani

1st Edition

172887419X, 978-1728874197

More Books

Students also viewed these Accounting questions