Speed World Cycles sells high-performance motorcycles and motocross racers. One of Speed Worlds 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.

Purchase Date	Units Purchased		Unit Cost				Total Cost
July 1	2		$	4,950			$	9,900
July 22	3			5,000				15,000
Aug. 3	3			5,100				15,300
	8						$	40,200

On July 28, Speed World Cycles sold four Kazomma 900 dirt bikes to the Vince Wilson racing team. The remaining four bikes remained in inventory at September 30, the end of Speed Worlds fiscal year.

Assume that Speed World Cycles uses a periodic inventory system.

Required:

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 following cost flow assumptions.

1. Average cost.

2. FIFO.

3. LIFO.

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 Average-cost method.

Ending inventory at September 30:
Ending inventory
Cost of goods sold through September 30:
Cost of goods available for sale
Cost of goods sold		$0

Dropdown options-

Average cost

Price of Aug 3rd purchase

Price of July 1st purchase

Price of July 22nd purchase

Add/Less Inventory at September 30th

REQA2

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 First-in, first-out (FIFO) method.

Ending inventory at September 30:
Ending inventory	$0
Cost of goods sold through September 30:
Cost of goods available for sale
Cost of goods sold	$0

Dropdown options-

Average cost

Price of Aug 3rd purchase

Price of July 1st purchase

Price of July 22nd purchase

Add/Less Inventory at September 30th

REQA3

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 Last-in, first-out (LIFO) method.

Ending inventory at September 30:
Ending inventory	$0
Cost of goods sold through September 30:
Cost of goods available for sale
Cost of goods sold	$0