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 of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions March 1 Beginning inventory March 5 Sale ($400 each) March 9 Purchase Sale ($450 each) Purchase Sale ($475 each) Purchase March 17 March 22 March 27 March 30 Units 20 15 10 Ending inventory Cost of goods sold 8 10 12 9 Unit Cost $ 250 270 280 300 Total Cost $5,000 2,700 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 2,800 2,700 $13, 200 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.
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 of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions March 1 Beginning inventory March 5 Sale ($400 each) March 9 Purchase Sale ($450 each) Purchase Sale ($475 each) Purchase March 17 March 22 March 27 March 30 Units 20 15 10 Ending inventory Cost of goods sold 8 10 12 9 Unit Cost $ 250 270 280 300 Total Cost $5,000 2,700 3. Using LIFO, calculate ending inventory and cost of goods sold at March 31. 2,800 2,700 $13, 200 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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s
![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 of
March. Greg's Bicycle Shop uses a periodic inventory system.
Date
March
March
March
March
March 22
March 27
March 30
159
Transactions
Beginning inventory
Sale ($400 each)
Purchase
17 Sale ($450 each)
Purchase
Sale ($475 each)
Purchase
Ending inventory
Cost of goods sold
Units
20
15
10
8
10
12
9
Unit Cost
$250
2
270
280
300
Total Cost
$5,000
3. Using LIFO, calculate ending inventory and cost of goods sold at March 31.
2,700
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.
2,800
2,700
$13,200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc799b188-b70d-451f-b553-7bddf4d51db8%2F990aea0e-184d-4f4f-ba16-86ce7cb78f4c%2Fx0d3h5d_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 of
March. Greg's Bicycle Shop uses a periodic inventory system.
Date
March
March
March
March
March 22
March 27
March 30
159
Transactions
Beginning inventory
Sale ($400 each)
Purchase
17 Sale ($450 each)
Purchase
Sale ($475 each)
Purchase
Ending inventory
Cost of goods sold
Units
20
15
10
8
10
12
9
Unit Cost
$250
2
270
280
300
Total Cost
$5,000
3. Using LIFO, calculate ending inventory and cost of goods sold at March 31.
2,700
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.
2,800
2,700
$13,200
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