Question

Date			Transactions	Units				Unit Cost				Total Cost
March	1		Beginning inventory		20			$	225				$	4,500
March	5		Sale ($350 each)		15
March	9		Purchase		10				245					2,450
March	17		Sale ($400 each)		8
March	22		Purchase		10				255					2,550
March	27		Sale ($425 each)		12
March	30		Purchase		7				275					1,925
													$	11,425

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.

1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.

2. Using FIFO, calculate ending inventory and cost of goods sold at March 31.

3. Using LIFO, calculate ending inventory and cost of goods sold at March 31.

r4. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final answers to 2 decimal places.)ev: 02_28_2017_QC_CS-80932