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.

Richie's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Richie's Tennis Shop uses a periodic inventory system. Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($175 each) Purchase Sale ($190 each) Purchase Sale ($200 each) Purchase Units 8 5 10 8 10 11 12 912 Unit Cost $150 140 130 120 Total Cost $1,200 1,400 1,300 1,440 $5,340 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending Inventory and cost of…

Cheyenne sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Cheyenne's beginning inventory and purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Cheyenne uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $100 $1,300 Sept. 12 Purchases 43 103 4,429 Sept. 19 Purchases 49 104 5,096 Sept. 26 Purchases 19 105 1,995 Totals 124 $12,820 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 2$ $ $ Cost of goods sold %4 %24 %24

Whispering Winds Corp. markets CDs of numerous performing artists. At the beginning of March, Whispering Winds had in beginning inventory 2,800 CDs with a unit cost of $8. During March, Whispering Winds made the following purchases of CDs. March 5   2,000   @    $9   March 21   5,200   @    $11 March 13   4,000   @    $10   March 26   2,000   @    $12 During March 11,900 units were sold. Whispering Winds uses a periodic inventory system. Determine the cost of goods available for sale. The cost of goods available for sale   $enter the cost of goods available for sale in dollars  Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.) Average Cost   $enter an average cost in dollars  Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 125.)     FIFO   LIFO   AVERAGE-COST The ending…