Question
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 | $180 | $ | 3,600 |
March 5 | Sale ($260 each) | 15 | |||
March 9 | Purchase | 10 | 200 | 2,000 | |
March 17 | Sale ($310 each) | 8 | |||
March 22 | Purchase | 10 | 210 | 2,100 | |
March 27 | Sale ($335 each) | 12 | |||
March 30 | Purchase | 7 | 230 | 1,610 | |
$ | 9,310 | ||||
a) Using FIFO, calculate ending inventory and cost of goods sold at March 31.
B) Using LIFO, calculate ending inventory and cost of goods sold at March 31
C) 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.)
D) Calculate sales revenue and gross profit under each of the four methods (Round your intermediate and final answers to 2 decimal places.)
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