Please do the exercise:

Giant Bicycles Distributor Inc. sells best bicycles online and uses a perpetual inventory system. Shown below

are purchases of bicycles during January:

On January 30th, GBD Inc. sold 2200 units at a price per unit of 2700.

Please answer the question:

Compute the cost of goods sold relating to the sale on January 30th and the ending inventory January 31^st.

using the following cost flow assumptions.

(Show your solutions, including the number of units and costs per unit)

\begin{tabular}{|l|l|l|l|} \hline Purchase Date & Unit purchased & Unit cost & Total cost \\ \hline January 1 & 1000 & 500 & 500,000 \\ \hline January 5 & 2000 & 501 & 1,002,000 \\ \hline January 31 & 5000 & 503 & 2,515,000 \\ \hline Total & 8000 & & \\ \hline \end{tabular}