Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. !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 ofMarch. Greg's Bicycle Shop uses a periodic inventory system.DateTransactionsUnitsUnit CostTotal CostMarchBeginning inventorySale ($320 each)$ 210$ 4,200120March515MarchMarch9Purchase102302,300Sale ($370 each)PurchaseSale ($395 each)Purchase178March22102402,400March2712March3072601,820$10,720For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 saleconsists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory andeight bikes from the March 22 purchase.rev: 02_28_2017_QC_CS-80932, 04_13_2020_QC_CS-208026Required:1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.Ending inventoryCost of goods sold

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Description: Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. !Required information[The following information applies to the questions displayed below.]Greg's Bicycle Shop has the following transactions rela

Ending Inventory = Total cost of goods available for sale - Cost of goods available for sale

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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 inventory system. Unit Cost $ 210 Date Transactions Units Total Cost March $ 4,200 Beginning inventory Sale ($320 each) Purchase Sale ($370 each) 1 20 March 5 15 March 9 10 230 2,300 March 17 8 March 22 Purchase 10 240 2,400 March 27 Sale ($395 each) 12 March 30 Purchase 7 260 1,820 $10,720 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. rev: 02_28_2017_QC_CS-80932, 04_13_2020_QC_CS-208026 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 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 of March. Greg's Bicycle Shop uses a periodic inventory system. Unit Cost $ 210 Date Transactions Units Total Cost March $ 4,200 Beginning inventory Sale ($320 each) Purchase Sale ($370 each) 1 20 March 5 15 March 9 10 230 2,300 March 17 8 March 22 Purchase 10 240 2,400 March 27 Sale ($395 each) 12 March 30 Purchase 7 260 1,820 $10,720 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. rev: 02_28_2017_QC_CS-80932, 04_13_2020_QC_CS-208026 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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