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Problems 8.2A and 8.3A are based on the following data: Speed World Cycles sells high-performance motorcycles and motocross racers. One of Speed World's most popular
Problems 8.2A and 8.3A are based on the following data: Speed World Cycles sells high-performance motorcycles and motocross racers. One of Speed World's most popular models is the Kazomma 900 dirt bike. During the current year, Speed World Cycles purchased eight of these bikes at the following costs: On . fuly 28. Speed World Cycles sold fouc 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 perpetuai inventory system. (See the data given above.) Instructions 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 foliowing cost flow assumptions: 1. Average cost. 2. FIFO. 3. LIFO. Show the number of units and the unit costs of each layer comprising the cost of goods sold and ending inventory
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