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Assume the following for The Bike Company: Cost of Goods Available for Sale: Aug. 1 Beginning Inventory of 10 units @ $91 = $910 Aug.
Assume the following for The Bike Company:
Cost of Goods Available for Sale: Aug. 1 Beginning Inventory of 10 units @ $91 = $910 Aug. 3 Purchased 15 units @ $106 = $1,590 Aug. 17 Purchased 20 units @ $115 = $2,300 Aug. 28 Purchased 10 units @ $119 = $1,190
Retail Sale of Goods: Aug. 14 Sales 20 units @ $130 = $2,600 Aug. 31 Sales 23 units @ $150 = $3,450
1. Calculate cost of goods sold and ending inventory under FIFO, LIFO and Average Cost.
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