Question

(The following information applies to the questions displayed below.) 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. Units Cost per Unit $225 Total Cost $ 4,500 Date Transactions March 1 Beginning inventory March 5 Sale ($350 each) March 9 Purchase March 17 Sale ($400 each) March 22 Purchase March 27 Sale ($425 each) March 30 Purchase 245 2,450 255 2,550 275 1,925 $ 11,425

Answer 1

	Purchase ($)			Sale ($)			Cost of Goods sold ($)			Closing Inventory ($)
Date	Units	Cost per unit	Total	Units	Cost per unit	Total	Units	Cost per unit	Total	Units	Cost per unit	Total
Mar-01	20	225	4500							20	225	4500
Mar-05				15	350	5250	15	225	3375	5	225	1125
Mar-09	10	245	2450							5	225	1125
										10	245	2450
Mar-17				8	400	3200	5	225	1125	7	245	1715
							3	245	735
Mar-22	10	255	2550							7	245	1715
										10	255	2550
Mar-27				12	425	5100	7	245	1715	5	255	1275
							5	255	1275
Mar-30	7	275	1925							5	255	1275
										7	275	1925
								Total Cost of goods sold	8225		Closing Inventory	3200
Hence, from the above FIFO inventory calculation table, we get :
Particulars	Amount ($)
Ending inventory	3,200
Cost of goods sold	8,225