Greg's Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March 2015. Greg's Bicycle Shop uses a periodic inventory system.
Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015.
| Date |
Transactions |
Units |
Cost per
Unit |
Total Cost |
| March 1 |
Beginning inventory |
20 |
$160 |
$ |
3,200 |
| March 5 |
Sale ($220 each) |
15 |
|
|
|
| March 9 |
Purchase |
10 |
180 |
|
1,800 |
| March 17 |
Sale ($270 each) |
8 |
|
|
|
| March 22 |
Purchase |
10 |
190 |
|
1,900 |
| March 27 |
Sale ($295 each) |
12 |
|
|
|
| March 30 |
Purchase |
8 |
210 |
|
1,680 |
| |
|
|
|
|
|
| |
|
|
|
$ |
8,580 |