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LIFO, FIFO, and WEIGHTED AVERAGE COST PLEASE Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of
LIFO, FIFO, and WEIGHTED AVERAGE COST PLEASE
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 $220 Total Cost $ 4,400 240 2,400 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transaction Beginning inventory Sale ($340 each) Purchase Sale ($390 each) Purchase Sale ($415 each) Purchase Units 20 15 10 8 10 12 9 250 2,500 270 2,430 $11,730 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31, Ending inventory Cost of goods sold $ 8,050 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 $ 220 Total Cost $4,400 240 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 2,400 Transaction Beginning inventory Sale ($340 each) Purchase Sale ($390 each) Purchase Sale ($415 each) Purchase Units 20 15 10 8 10 12 9 250 2,500 270 2,430 $11,730 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. 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month March. Greg's Bicycle Shop uses a periodic inventory system Unit Cont $ 220 Total Cont $ 4,400 240 2,400 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($340 each) Purchase Sale ($390 each) Purchase Sale ($415 each) Purchase Units 20 15 10 8 10 12 9 250 2,500 270 2.430 $11,730 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. 4. 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.) 2. Ending inventory Cost of goods sold Step by Step Solution
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