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Two Wheels operates on a fiscal year beginning January 1. At the beginning of the year, the shop had 6 bicycles @$394 each (opening inventory). During the year the business made the following purchases:Date Bicycle CostJan.20 4 $399Mar. 5 5 $415Apr. 23 7 $419Aug. 14 4 $423Oct. 3 6 $430Nov. 17 3 $435There were seven bicycles in inventory at the end of the period. During the year, the bicycles were sold for $675 each.Instructions:Calculate the cost of the ending inventory using the FIFO, LIFO, and weighted average cost methods.
Prepare a partial income statement for each inventory costing method showing the sales and the calculation of gross profit on sales.
Assume that the sales and purchases are net amounts.
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