Greg's 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. Unit Cost $ 210 Date Transactions Units Total Cost March $ 4,200 Beginning inventory Sale ($320 each) Purchase Sale ($370 each) 1 20 March 5 15 March 9 10 230 2,300 March 17 8 March 22 Purchase 10 240 2,400 March 27 Sale ($395 each) 12 March 30 Purchase 7 260 1,820 $10,720 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 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold
Greg's 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. Unit Cost $ 210 Date Transactions Units Total Cost March $ 4,200 Beginning inventory Sale ($320 each) Purchase Sale ($370 each) 1 20 March 5 15 March 9 10 230 2,300 March 17 8 March 22 Purchase 10 240 2,400 March 27 Sale ($395 each) 12 March 30 Purchase 7 260 1,820 $10,720 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 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. Ending inventory Cost of goods sold
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter16: Manufacturing Accounting (mfg)
Section: Chapter Questions
Problem 3R: The following data pertain to 2012 activities of Twisp Industries: Use your completed worksheet to...
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