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If Bailey's Bikes Company had a beginning inventory of 40 bikes at $28 each and they bought 100 more for $32 each on April
If Bailey's Bikes Company had a beginning inventory of 40 bikes at $28 each and they bought 100 more for $32 each on April 1st and then they sold 115 for $50 each on May 15th, how would Bailey's Bikes record the sale if they use the FIFO method of costing inventory? Cash 5,750 Cost of Goods Sold 3,620 Sales Inventory 5,750 3,620 Cash 5,750 Cost of Goods Sold 3,680 Sales Inventory 5,750 3,680 Cash 5,750 Cost of Goods Sold 3,220 Sales 5,750 Inventory 3,220 Cash 5,750 Cost of Goods Sold 3,520 Sales 5,750 Inventory 3,520 Some other entry
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