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 Units Unit Cost Total Cost March 1 Beginning inventory 20 $ 150 $ 3,000 March 5 Sale ($200 each) 15 March 9 Purchase 10 170 1,700 March 17 Sale ($250 each) 8 March 22 Purchase 10 180 1,800 March 27 Sale ($275 each) 12 March 30 Purchase 7 200 1,400 $ 7,900 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. Use chart above for 1-4 Required: Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory =? Cost of goods sold=? Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory =? Cost of goods sold=? Using LIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory =? Cost of goods sold=?
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.
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Date |
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Transactions |
Units |
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Unit Cost |
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Total Cost |
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|
March |
1 |
|
Beginning inventory |
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20 |
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|
$ |
150 |
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|
|
$ |
3,000 |
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March |
5 |
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Sale ($200 each) |
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15 |
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March |
9 |
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Purchase |
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10 |
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170 |
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1,700 |
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|
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March |
17 |
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Sale ($250 each) |
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8 |
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March |
22 |
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Purchase |
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10 |
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180 |
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1,800 |
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March |
27 |
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Sale ($275 each) |
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12 |
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March |
30 |
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Purchase |
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7 |
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200 |
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1,400 |
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$ |
7,900 |
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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. Use chart above for 1-4
Required:
- Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.
Ending inventory =?
Cost of goods sold=?
Using FIFO, calculate ending inventory and cost of goods sold at March 31.
Ending inventory =?
Cost of goods sold=?
- Using LIFO, calculate ending inventory and cost of goods sold at March 31.
Ending inventory =?
Cost of goods sold=?
- 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=?
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