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Greg's 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
Greg's 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 Units 20 15 10 Unit Cost $ 150 Total Cost $3,000 170 March March March March March March March 1,700 Transactions Beginning inventory Sale ($200 each) Purchase Sale ($250 each) Purchase Sale $275 each) Purchase 9 17 22 27 30 180 1,800 19 12 7 200 1,400 $7,900 For 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. Problem 6-2A Part 3 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold
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