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What was ending inventory and cost of goods sold

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Question - Cyclone Co. uses the periodic inventory system and sells Mountain Bicycles. They had 50 bicycles in the beginning inventory on January 1 which cost them $800 per bike. They purchased 80 more bicycles on April 12 at a cost of $820 per bike. They purchased another 75 bikes on July 8 at a cost of $840 per bike. On September 22 they purchased another 90 bicycles at a unit cost of $850. During the year, 235 bicycles were sold at a price of $1,500 each. Other operating costs equaled $80,000 and their tax rate is 30%. What was ending inventory and cost of goods sold on 12/31 under the FIFO cost flow assumption?

Reference no: EM132092273

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