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. Date TransactionsUnits Unit Cost Total CostMarch1 Beginning inventory 20 $205 $4,100 March5 Sale ($310 each) 15 March9 Purchase 10 225 2,250 March17 Sale ($360 each) 8 March22 Purchase 10 235 2,350 March27 Sale ($385 each) 12 March30 Purchase 9 255 2,295 $10,995 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.

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Description: 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. Date TransactionsUnits Unit Cost Total CostMarch1 Beginning inventory 2

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Author:Scott, Cathy J.

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ChapterC: Inventory Methods

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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. Greg's Bicycle Shop uses a periodic inventory system.

Date		Transactions	Units	Unit Cost	Total Cost
March	1		Beginning inventory	20		$	205	$	4,100
March	5		Sale ($310 each)	15
March	9		Purchase	10			225		2,250
March	17		Sale ($360 each)	8
March	22		Purchase	10			235		2,350
March	27		Sale ($385 each)	12
March	30		Purchase	9			255		2,295
								$	10,995

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.

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Introduction :

In Specific Identification method we can easily find that Units which are sold are from which lot and accordingly we have to find COGS and Closing Inventory as follows :

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