Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
please help me with this if you can. (will rate when answered) Required information (The following information applies to the questions displayed below) Greg's Bicycle
please help me with this if you can. (will rate when answered) Required information (The following information applies to the questions displayed below) 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 $ 205 Total Cost $ 4,100 225 2,250 Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Beginning inventory Sale ($310 each) Purchase Sale ($360 each) Purchase Sale ($385 each) Purchase Units 20 15 10 8 10 12 9 235 2,350 255 2,295 $10,995 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.) Ending inventory Cost of goods sold
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started