Question

put the answer in the chart

Chapter 6: Inventory and cost of Goods Sold Help Save & Exit Check Required information 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 Unit Cost $175 Total Cont 1,500 195 1,950 March 1 March 5 March 9 March 17 March 22 March 27 March 30 Transactions Deginning inventory Sale $250 each) Purchase Sale (100 each) Purchase Sale (5325 each) Purchase 205 2.050 1.800 59,300 Required: 1. Calculate ending inventory and cost of goods sold at March 31, using 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. Ending invertory Cost of goods sold

Answer 1

Answer under Specific Identification Method

Date	Transaction	No.of Units	Unit Cost	Cost of goods sold
March 1	Beginning Inventory	15	$175	$2625(15*175)
March 9	Purchase	8	$195	$1560 (8*195)
March 1	Beginning Inventory	4	$175	$700 (4*$175)
March22	Purchases	8	$205	$1640 (8*$205)
		35		$6525

## From the March 5 Sale

### From the March 17 sale

#### From the March 27sale

Date	Transaction	No.of Units	Unit Cost	Cost of goods sold
March 1	Beginning Inventory	1	$175	$175 (1*$175)
March 9	Purchases	2	$195	$390
March 22	Purchases	2	$205	$410
March 30	Purchases	7	$225	$1575
		12		$2550