Greg’s Bicycle Shop has the following transactions related to its top-selling Mo
ID: 2445526 • Letter: G
Question
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2015. Greg's Bicycle Shop uses a periodic inventory system.
Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015.
Ending Inventory:
Cost of goods sold:
3.Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015.
Ending Inventory:
Cost of goods sold:
Thank You! I need the ending inventort and the cost of goods sold for both FIFO and LIFO if you can please explain the general process to get them thank you kind soul!
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2015. Greg's Bicycle Shop uses a periodic inventory system.
Cost per Unit Date March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Total Cost Beginning inventory Sale ($370 each) Purchase Sale ($420 each) Purchase Sale ($445 each) Purchase 20 15 10 8 10 12 $235$ 4,700 2,550 2,650 2,565 $12,465 255 265 285Explanation / Answer
Greg’s Bicycle Shop has the following transactions related to its top-selling Mo
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