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 | $190 | $ | 3,800 |
March 5 | Sale ($280 each) | 15 | |||
March 9 | Purchase | 10 | 210 | 2,100 | |
March 17 | Sale ($330 each) | 8 | |||
March 22 | Purchase | 10 | 220 | 2,200 | |
March 27 | Sale ($355 each) | 12 | |||
March 30 | Purchase | 8 | 240 | 1,920 | |
$ | 10,020 | ||||
2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. 5. Calculate sales revenue and gross profit under each of the four methods.(Round weighted-average cost amounts to 2 decimal places.) |
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