Answered step by step
Verified Expert Solution
Question
1 Approved Answer
BMK Bike purchased 12 bikes during November and sold 9 bikes, details of which are as follows: 1 November 2016: Purchased 7 bikes @ $55
BMK Bike purchased 12 bikes during November and sold 9 bikes, details of which are as follows:
1 November 2016: Purchased 7 bikes @ $55 each
6 November 2016: Sold 2 bikes
10 November 2016: Sold 1 bike
13 November 2016: Sold 3 bikes
16 November 2016: Purchased 5 bikes @ 65 each
28 November 2016: Sold 3 bikes
Calculate the following values
- Total Revenue in November if the bike is sold at $80 per bike
- The Cost of Goods Sold (COGS) based on Average Costing Method
- The end inventory value based on First-In-First-Out method;
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started