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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 | 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 | ?? |
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