question archive Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2012: Date Transactions Units Cost per Unit Total Cost March 1 Beginning inventory 20 $200 $4,000 March 5 Sale ($300 each) 15 March 9 Purchase 10 220 2,200 March 17 Sale ($350 each) 8 March 22 Purchase 10 230 2,300 March 27 Sale ($375 each) 12 March 30 Purchase 8 250 2,000 $10,500 16
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2012: Date Transactions Units Cost per Unit Total Cost March 1 Beginning inventory 20 $200 $4,000 March 5 Sale ($300 each) 15 March 9 Purchase 10 220 2,200 March 17 Sale ($350 each) 8 March 22 Purchase 10 230 2,300 March 27 Sale ($375 each) 12 March 30 Purchase 8 250 2,000 $10,500 16
Subject:AccountingPrice: Bought3
| Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2012: |
| Date | Transactions | Units | Cost per Unit | Total Cost |
| March 1 | Beginning inventory | 20 | $200 | $4,000 |
| March 5 | Sale ($300 each) | 15 | ||
| March 9 | Purchase | 10 | 220 | 2,200 |
| March 17 | Sale ($350 each) | 8 | ||
| March 22 | Purchase | 10 | 230 | 2,300 |
| March 27 | Sale ($375 each) | 12 | ||
| March 30 | Purchase | 8 | 250 | 2,000 |
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| $10,500 | ||||
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16.value:
10.00 points
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| 1. |
Calculate ending inventory and cost of goods sold at March 31, 2012, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.(Omit the "$" sign in your response.) |
| Ending inventory | $ |
| Cost of goods sold | $ |
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