greg s bicycle shop has the following transactions related to its top selling mongoo 595902
| 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 |
|
|
||||
| $10,500 | ||||
|
|
||||
|
|
||||
16.value:
10.00 points
You did not receive credit for this question in a previous attempt
| Required: | |
| 1. |
Calculate ending inventory and cost of goods sold at March 31, 2012, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.(Omit the “$” sign in your response.) |
| Ending inventory | $ |
| Cost of goods sold | $ |
|
|
|