Blixi Bikes manufactures commuter bicycles in the United States. The following information pertains to the companys inventories

Question:

Blixi Bikes manufactures commuter bicycles in the United States. The following information pertains to the company’s inventories for 2020:

The company had no work in process at the end of both 2019 and 2020. Blixi uses a periodic inventory system.

Required:

Using the above information, identify the cost flow assumption used by Blixi Bikes (i.e., FIFO, LIFO, or weighted-average cost).

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Intermediate Accounting Volume 1

ISBN: 9780135236109

4th Edition

Authors: Kin Lo, George Fisher

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Question Posted: Mar 04, 2023 09:30 AM

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Blixi Bikes manufactures commuter bicycles in the United States. The following information pertains to the companys inventories

Question:

Beginning inventory Production during year Ending inventory Variable costs (raw materials, labour, variable overhead) Fixed manufacturing overhead # Units 400 2,400 320 Total cost $ 80,000 508,000 67,200 408,000 100,000

Step by Step Answer:

To identify the cost flow assumption used by Blixi Bikes we can calculate the cost of goods sold COG...View the full answer

Intermediate Accounting Volume 1

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