Question

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			$	180				$	3,600
March	5		Sale ($260 each)		15
March	9		Purchase		10				200					2,000
March	17		Sale ($310 each)		8
March	22		Purchase		10				210					2,100
March	27		Sale ($335 each)		12
March	30		Purchase		7				230					1,610
													$	9,310

  rev: 02_28_2017_QC_CS-80932

4. 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.)
  

Answer 1

• Requirement 4

Average Method	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	20	$              180.00	$                        3,600.00
Purchases:
09-Mar	10	$              200.00	$                        2,000.00
22-Mar	10	$              210.00	$                        2,100.00
30-Mar	7	$              230.00	$                        1,610.00
TOTAL	47	$         198.0851 [$9310 / 47]	$                        9,310.00	35	$        198.0900	$                 6,933.15	12	$          198.0900	$            2,377.08