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.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 5EB: On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10,...

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Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.
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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. Date Transactions March 1 Beginning inventory March 5 Sale ($390 each) Purchase March 9 March 17 Sale ($440 each) March 22 Purchase March 27 Sale ($465 each) March 30 Purchase Sales revenue Cost of goods sold Gross profit Units 20 15 Specific Identification FIFO 10 8 LIFO 10 12 8 Unit Cost $245 265 275 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. 295 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.) Total Cost $ 4,900 2,650 2,750 2,360 $12,660 Weighted- average cost