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I need the cost of goods sold numbers and ending inventory numbers for September 30th on this question On July 28 , Speed World Cycles
I need the cost of goods sold numbers and ending inventory numbers for September 30th on this question
On July 28 , Speed World Cycles sold four Kazomma 900 dirt bikes to the Vince Wilson racing team. The remaining four blkes remained in inventory at September 30 , the end of Speed World's fiscal year. Assume that Speed World Cycles uses a perpetual Inventory system. (See the data provided.) Required: a-1. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using Average cost. a-2. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using FIFO method. Q-3. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using LIFO method. b-1. Which of the three cost flow assumptions will result in Speed World Cycles reporting the highest net income for the current year? b-2. Which of the three cost flow assumptions minimizes the Income taxes owed by Speed World Cycles for the year? b-3. May Speed World Cycles use the cost flow assumption that results in the highest net income for the current year in its financlal statements, but use the cost flow assumption that minimizes taxable income for the current year in its income tax return? 8 Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using Average cost. On July 28 , Speed World Cycles sold four Kazomma 900 dirt bikes to the Vince Wilson racing team. The remaining four blkes remained in inventory at September 30 , the end of Speed World's fiscal year. Assume that Speed World Cycles uses a perpetual Inventory system. (See the data provided.) Required: a-1. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using Average cost. a-2. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using FIFO method. Q-3. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using LIFO method. b-1. Which of the three cost flow assumptions will result in Speed World Cycles reporting the highest net income for the current year? b-2. Which of the three cost flow assumptions minimizes the Income taxes owed by Speed World Cycles for the year? b-3. May Speed World Cycles use the cost flow assumption that results in the highest net income for the current year in its financlal statements, but use the cost flow assumption that minimizes taxable income for the current year in its income tax return? 8 Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using Average cost
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