3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. !Required information[Ihe following intormation applies to the questions aisplayed below.JGreg'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 pericdic inventory system.DateTransactionsUnitsUnit CostTotal Cost$ 4,200Bcginning inventorySale ($320 each)March129$ 210March515MarchPurchase192302,300Sale ($3/0 each)PurchaseSale ($395 each)PurchaseMarch17March22192402,400March2712March3072601,820$10,720For the spccific identification mcthod, thc March 5 salc consists of bikes from beginning invcntory, the March 17 saleconsiss 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.3. Using LIFO. calculate ending inventory and cost of goods sold at March 31.Ending inventoryCost of goods sold

Inventory or Stock is the goods and material a business holds for resale. Before working on the…

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 pericdic inventory system. Date Transactions Units Unit Cɔst Total Cost $ 210 $ 4,200 March 1 March Bcginning inventory Sole ($320 each) Purchase 29 5 15 March 19 230 2,300 March Sale ($3/0 each) Purchase Sale ($395 each) 1! March 22 March 27 March 30 19 240 2,400 12 Purchase 260 1,820 $10,720 For the spccific identification mcthod, the March 5 salc consists of bikcs from bcginning inventory, the March 17 sale consis:s 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 endirg 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 of March. Greg's Bicycle Shop uses a pericdic inventory system. Date Transactions Units Unit Cɔst Total Cost $ 210 $ 4,200 March 1 March Bcginning inventory Sole ($320 each) Purchase 29 5 15 March 19 230 2,300 March Sale ($3/0 each) Purchase Sale ($395 each) 1! March 22 March 27 March 30 19 240 2,400 12 Purchase 260 1,820 $10,720 For the spccific identification mcthod, the March 5 salc consists of bikcs from bcginning inventory, the March 17 sale consis:s 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 endirg inventory and cost of goods sold at March 31. 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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