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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. Unit Cost $190 Total Cost $ 3,800 210 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 2,100 Transactions Beginning inventory Sale ($280 each) Purchase Sale ($330 each) Purchase Sale ($355 each) Purchase Units 20 15 10 8 10 12 8 220 2,200 240 1,920 $10,020 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 2 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold
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