Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On July 28, Speed World Cycles sold four Kazomma 900 dirt bikes to the Vince Wilson racing team. The remaining four bikes remained in inventory

image text in transcribed
image text in transcribed
On July 28, Speed World Cycles sold four Kazomma 900 dirt bikes to the Vince Wilson racing team. The remaining four bikes remained in inventory at September 30, the end of Speed World's fiscal year. Assume that Speed World Cycles uses a periodic inventory system. Required: a. 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 the following cost flow assumptions. 1. Average cost. 2. FIFO. 3. LIFO. Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Req A3 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 method. Ending inventory at September 30: Average cost Ending inventory Cost of goods sold through September 30: Cost of goods available for sale Cost of goods sold S HA Req A2 > 4 Speed World Cycles sells high performance motorcycles and motocross racers. One of Speed World's most popular models is the Kazomma 900 din bike. During the current year, Speed World Cycles purchased eight of these bikes at the following costs 25 D Units Purchased purchase Date July 1 July 22 g. Unit coat $4.950 5.000 5,100 Total Coat 9.900 15,000 15,300 340.200 nonce On July 28. Speed World Cycles sold four Kazomma 900 dirt bikes to the Vince Wilson racing team. The remaining four bikes remained in inventory at September 30, the end of Speed World's fiscal year Assume that Speed World Cycles uses a periodic Inventory system Required: .. 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 the following cost flow assumptions 1 Average cost. 2. FIFO 3. LIFO Complete this question by entering your answers in the tabs below. Reg A1 Red A2 Red AS Compute the cost of goods sold relating to the sale on July 28 and the ending Inventory of Karomma 900 dirt bikes at September 30, using Average cost method Ending viventory at September 30 Average cost Ending inventory Cost of goods sold through September 30 Cost of goods available for sale Cost of goods sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Health And Safety Audits

Authors: Lawrence B. Cahill, Raymond W. Kane

9th Edition

1605907081, 9781605907086

More Books

Students also viewed these Accounting questions