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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.
Using LIFO, calculate ending inventory and cost of goods sold at March 31.
Date | Transactions | Units | Cost per Unit | Total Cost | |
March 1 | Beginning inventory | 20 | $250 | $ | 5,000 |
March 5 | Sale ($400 each) | 15 | |||
March 9 | Purchase | 10 | 270 | 2,700 | |
March 17 | Sale ($450 each) | 8 | |||
March 22 | Purchase | 10 | 280 | 2,800 | |
March 27 | Sale ($475 each) | 12 | |||
March 30 | Purchase | 9 | 300 | 2,700 | |
$ | 13,200 | ||||
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