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.) !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 CostMarch$ 4,200Beginning inventorySale ($320 each)PurchaseSale ($370 each)PurchaseSale ($395 each)Purchase120$ 210March515March102302,300March178March22102402,400March2712March3072601,820$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.4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and finalanswers to 2 decimal places.)Ending inventoryCost of goods sold

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Description: 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.) !Required information[The following information applies to the questions displayed below.]Gre

First, compute the weighted average cost per unit: Total units available for sale = 20 + 10 + 10 + 7…

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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 Beginning inventory Sale ($320 each) $ 4,200 1 20 March 15 March 9 Purchase 10 230 2,300 Sale ($370 each) Purchase Sale ($395 each) March 17 March 22 10 240 2,400 March 27 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. 1. 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.)

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 Beginning inventory Sale ($320 each) $ 4,200 1 20 March 15 March 9 Purchase 10 230 2,300 Sale ($370 each) Purchase Sale ($395 each) March 17 March 22 10 240 2,400 March 27 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. 1. 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.)

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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Subject: accounting
Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units 53 133 Cost $ 45 47 Total Cost $ 2,385 6,251 10,150 5,763 Date Transaction Jan. 1 Beginning inventory Purchase Purchase Purchase Apr. 7 Jul.16 203 50 Oct. 6 113 51 502 $24,549 For the entire year, the company sells 433 units of inventory for $63 each.