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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:

  1. Calculate the Cost of Goods Sold for the February 15th sale using LIFO
  2. What is the ending inventory after the February 15th sale using LIFO?

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