Uses a periodic inventory system

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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. Date Transactions Units Cost per Unit Total Cost March 1 Beginning inventory 20 $215 $ 4,300 March 5 Sale ($330 each) 15 March 9 Purchase 10 235 2,350 March 17 Sale ($380 each) 8 March 22 Purchase 10 245 2,450 March 27 Sale ($405 each) 12 March 30 Purchase 8 265 2,120 $ 11,22

1. Using FIFO calculate ending invenotry and cost of goods sold at March 31,2015

2. Using LIFO calculate ending inventory and cost of goods sold at March 31 2015

3. Using weighted average cost calculate ending inventory and cost of goods sold at March 31, 2015

4. If Greg's bicycle shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

Reference no: EM131290442

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