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Calculate the cost of goods sold for the february

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Reference no: EM133146312

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 -

a. Calculate the Cost of Goods Sold for the February 15th sale using FLFO?

b. What is the ending inventory after the February 15th sale using FLFO?

c. Calculate the Cost of Goods Sold for the February 15th sale using LIFO?

b. What is the ending inventory after the February 15th sale using LIFO?

Reference no: EM133146312

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