6. The axons using perpetual inventory system, based on given data: Sept. 1 Sept.3 Sept.5 Sept. 12 Sept.13 Sept. 18 Sept. 22 Sept.24 Sept.27 Beginning inventory consisted of 10 bicycles costing $200 each. Purchased 8 bicycles costing $250 each. Sold 15 units during the month of bicycles Purchased 13 bicycles costing $300 cach. Sold 12 units during the month of bicycles Purchased 5 bicycles costing $300 each. Sold 4 units during the month of bicycles Purchased 14 bicycles costing $320 each. Sold 8 units during the month of bicycles.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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6. The axons using perpetual inventory system, based on given data:
Sept. 1
Sept.3
Sept.5
Sept. 12
Sept.13
Sept. 18
Sept. 22
Sept.24
Sept.27
Beginning inventory consisted of 10 bicycles costing $200 cach.
Purchased 8 bicycles costing $250 each.
Sold 15 units during the month of bicycles
Purchased 13 bicycles costing $300 each.
Sold 12 units during the month of bicycles
Purchased 5 bicycles costing $300 each.
Sold 4 units during the month of bicycles
Purchased 14 bicycles costing $320 cach.
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
Transcribed Image Text:6. The axons using perpetual inventory system, based on given data: Sept. 1 Sept.3 Sept.5 Sept. 12 Sept.13 Sept. 18 Sept. 22 Sept.24 Sept.27 Beginning inventory consisted of 10 bicycles costing $200 cach. Purchased 8 bicycles costing $250 each. Sold 15 units during the month of bicycles Purchased 13 bicycles costing $300 each. Sold 12 units during the month of bicycles Purchased 5 bicycles costing $300 each. Sold 4 units during the month of bicycles Purchased 14 bicycles costing $320 cach. 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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