Riley Corporation sells bicycles. At the beginning of the year, there was one bicycle in inventory costing $$500.$ Riley purchased another bicycle during the period for $$600$ and then sold one of the bicycles for $$850.$ Identify the true statement.

Multiple choice question.

Ending inventory is $$550$ using the weighted average method.

Cost of goods available for sale is $$850.$

Cost of goods available for sale is $$550.$

Ending inventory is $$850$ using the weighted average method.