During the year 235 bicycles were sold at a price of 1500

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Reference no: EM13570503

Cyclone Co. uses the periodic inventory system. The following information about their inventory of Model XX Mountain Bicycles is available:

1/1 Beg Inventory 50 $800
4/12 Purchase 80 $820
7/8 Purchase 75 $840
9/22 Purchase 90 $850

During the year, 235 bicycles were sold at a price of $1500 each. Other operating costs equaled $80,000 and their tax rate is 30%. round the final answer to the nearest dollar.What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption.

Reference no: EM13570503

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