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Calculate the Cost of Goods Sold for the February

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Reference no: EM133129733

Question - 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?

Reference no: EM133129733

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