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. Unit Cost $ 210 Date Transactions Units Total Cost $ 4,200 Beginning inventory Sale ($320 each) Purchase Sale ($370 each) Purchase Sale ($395 each) Purchase March 1 20 March 5 15 March 9 10 230 2,300 March 17 8. March 22 10 240 2,400 March 27 12 March 30 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Using FIFO, calculate ending inventory and cost of goods sold at March 31.

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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
Units
Unit Cost
Total Cost
March
$ 210
$ 4,200
Beginning inventory
Sale ($320 each)
1
20
March
15
March
9
Purchase
10
230
2,300
March
March
March
17
Sale ($370 each)
8
22
Purchase
10
240
2,400
Sale ($395 each)
Purchase
27
12
March
30
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.
2. Using FIFO, calculate ending inventory and cost of goods sold at March 31.
Ending inventory
Cost of goods sold
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 Transactions Units Unit Cost Total Cost March $ 210 $ 4,200 Beginning inventory Sale ($320 each) 1 20 March 15 March 9 Purchase 10 230 2,300 March March March 17 Sale ($370 each) 8 22 Purchase 10 240 2,400 Sale ($395 each) Purchase 27 12 March 30 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. 2. Using FIFO, calculate ending inventory and cost of goods sold at March 31. Ending inventory Cost of goods sold
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