rmation applies to the questions displayed below.] Gregs Bicycle Shop has the following...
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Accounting
rmation applies to the questions displayed below.] Gregs 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
$
235
$
4,700
March
5
Sale ($370 each)
15
March
9
Purchase
10
255
2,550
March
17
Sale ($420 each)
8
March
22
Purchase
10
265
2,650
March
27
Sale ($445 each)
12
March
30
Purchase
9
285
2,565
$
12,465
For 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.
