Question

The axons using perpetual inventory system, based on given data: Sept. 1 Beginning inventory consisted of 10 bicycles costing $200 each. Sept.3 Purchased 8 bicycles costing $250 each. Sept.5 Sold 15 units during the month of bicycles Sept.12 Purchased 13 bicycles costing $300 each. Sept.13 Sold 12 units during the month of bicycles Sept. 18 Purchased 5 bicycles costing $300 each. Sept. 22 Sold 4 units during the month of bicycles Sept.24 Purchased 14 bicycles costing $320 each. Sept.27 Sold 8 units during the month of bicycles. Required: Compute cost of goods sold and cost of ending inventory. Using the following perpetual inventory valuation methods: FIFO LIFO, AVERGRE​

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Answer:

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