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rmation applies to the questions displayed below.] Gregs Bicycle Shop has the following...

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Question

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.

rev: 02_28_2017_QC_CS-80932, 04_13_2020_QC_CS-208026

Problem 6-2A Part 1

Required:

1. Calculate ending inventory and cost of goods sold on March 31, using the specific identification method.

.

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