Accounting
Accounting
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| 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. |
Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015. (Round your intermediate and final answers to 2 decimal places.)
| Date | Transactions | Units | Cost per Unit |
Total Cost | |
| March 1 | Beginning inventory | 20 | $160 | $ | 3,200 |
| March 5 | Sale ($220 each) | 15 | |||
| March 9 | Purchase | 10 | 180 | 1,800 | |
| March 17 | Sale ($270 each) | 8 | |||
| March 22 | Purchase | 10 | 190 | 1,900 | |
| March 27 | Sale ($295 each) | 12 | |||
| March 30 | Purchase | 8 | 210 | 1,680 | |
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| $ | 8,580 | ||||
