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Question LIFO Inventory The Boy Bike Co. uses the Perpetual inventory system had the following February 2021 activity with their bikes inventory: Beginning inventory 13
Question LIFO Inventory
The Boy Bike Co. uses the Perpetual inventory system had the following February 2021 activity with their bikes inventory:
- Beginning inventory 13 bikes @ cost of $174
- February 3rd purchase 8 bikes @ cost of $182
- February 7th purchase 20 bikes @ cost of $188
- February 10th purchase 7 @ $192
- February 18th purchase 10 bikes @ $138
On February 15th, the Boy Bike Co. sold 44 bikes for $360 each.
Required:
- Calculate the Cost of Goods Sold for the February 15th sale using LIFO
- What is the ending inventory after the February 15th sale using LIFO?
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