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 $250 $5,000 March 5 Sale ($400 each) $15 March 9 Purchase $10 $270 $2,700 March 17 Sale ($450 each) $8 March 22 Purchase $10 $280 $2,800 March 27 Sale ($475 each) $12 March 30 Purchase $9 $300 $2,700 $13,200 1. Using FIFO, calculate ending inventory and cost of goods sold at March 31.
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 $250 $5,000 March 5 Sale ($400 each) $15 March 9 Purchase $10 $270 $2,700 March 17 Sale ($450 each) $8 March 22 Purchase $10 $280 $2,800 March 27 Sale ($475 each) $12 March 30 Purchase $9 $300 $2,700 $13,200 1. Using FIFO, calculate ending inventory and cost of goods sold at March 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 | Units | Unit Cost | Total Cost |
| March 1 | Beginning inventory | $20 | $250 | $5,000 |
| March 5 | Sale ($400 each) | $15 | ||
| March 9 | Purchase | $10 | $270 | $2,700 |
| March 17 | Sale ($450 each) | $8 | ||
| March 22 | Purchase | $10 | $280 | $2,800 |
| March 27 | Sale ($475 each) | $12 | ||
| March 30 | Purchase | $9 | $300 | $2,700 |
| $13,200 |
1. Using FIFO, calculate ending inventory and cost of goods sold at March 31.
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