Greg’s Bicycle Shop has the following transactions related to its top-selling Mo
ID: 2446057 • 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.
Ending inventory in dollars:
Cost of goods sold in dollars:
Ending inventory in dollars:
Cost of goods sold in dollars:
2. Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015. 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
Computation of LIFO
Receipts Issues Balances
5
10
235
255
1175
2550
5
2
235
255
1175
510
5
2
10
235
255
265
1175
510
2650
1175
5
9
235
285
1175
2565
Ending inventory 5 units @ 235 = 1175
9 units @285 = 2565
Cost of goods sold 15 units @ 370 = 5550
8 units @ 420 = 3360
12 units @445 = 5340
Computation of FIFO
Receipts Issues Balances
5
10
235
255
1175
2550
7
10
420
265
2940
2650
5
9
265
285
1325
2565
ending inventory 5 units @265 = 1325
9 units @ 285 = 2565
cost of goods sold 15 units @370 = 5550
8 units @ 420 = 3360
12 units @ 445 = 5340.
Date units rate amount units rate amount units rate amount Mar 1 20 235 4700 - - - 20 235 4700 5 - - - 15 370 5550 5 235 1175 9 10 255 2550 - - -5
10
235
255
1175
2550
17 - - - 8 420 33605
2
235
255
1175
510
22 10 265 2650 - - -5
2
10
235
255
265
1175
510
2650
27 - - - 12 445 5340 5 2351175
30 9 285 2565 - - -5
9
235
285
1175
2565
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.