Question

Carson Bike Shop started operations in 2016. During its first month of operations the following transactions...

Carson Bike Shop started operations in 2016. During its first month of operations the following transactions were recorded: January 10 Purchased 2 sport model bikes for $200 each plus shipping charges totaling $20. The total invoice was $420. January 30 Purchased 2 sport model bikes for $220 each plus shipping charges totaling $20. The total invoice was $460. At the end of January, a physical inventory revealed that there was one sport model bike on hand. (Three bikes were sold during the month.) Assuming the use of FIFO inventory method, compute the COST OF GOODS SOLD for the month.

I know the answer is $650- what are the steps to get to this answer?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Carson Bike Shop started operations in 2016. During its first month of operations the following transactions...
Carson Bike Shop started operations in 2016. During its first month of operations the following transactions were recorded: January 10 Purchased 2 sport model bikes for $200 each plus shipping charges totaling $20. The total invoice was $420. January 30 Purchased 2 sport model bikes for $220 each plus shipping charges totaling $20. The total invoice was $460. At the end of January, a physical inventory revealed that there was one sport model bike on hand. (Three bikes were sold...
Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual...
Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct.    3   Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 2/10, N/45. FOB shipping point.           4   The correct company paid $150 cash freight for above shipment           6   Sold 10 bikes to Doug’s Bicycle for $1,500 each, terms n/30. Terms FOB destination.           7  ...
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the...
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $ 205 $ 4,100 March 5 Sale ($310 each) 15 March 9 Purchase 10 225 2,250 March 17 Sale ($360 each) 8 March 22 Purchase 10 235 2,350 March 27 Sale ($385 each) 12 March 30 Purchase 9 255 2,295 $...
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the...
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system.   Date Transactions Units Cost per Unit Total Cost   March 1 Beginning inventory 20    $225       $ 4,500        March 5 Sale ($350 each) 15      March 9 Purchase 10    245       2,450        March 17 Sale ($400 each) 8      March 22 Purchase 10    255       2,550        March 27 Sale ($425...
The Shirt Shop had the following transactions for T-Shirt for 2018, its first year of operations:...
The Shirt Shop had the following transactions for T-Shirt for 2018, its first year of operations: Jan. 20 Purchased 400 units @ $8 = $3,200 Apr. 21 Purchased 200 units @ $10 = $2,000 July 25 Purchased 280 Units @ $13 = $3,640 Sept. 19 Purchased 90 Units @ $15 = $1,350 - During this year The Shirt Shop sold 810 T-shirst for $20 each a). Compute the amount of ending inventory The Shirt Shop would report on the balance...
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:...
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 330 units @ $ 5 = $ 1,650 Apr. 21 Purchased 90 units @ $ 6 = 540 July 25 Purchased 210 units @ $ 8 = 1,680 Sept. 19 Purchased 80 units @ $ 10 = 800 During the year, The Shirt Shop sold 530 T-shirts for $15 each. Required Compute the amount of ending inventory The Shirt Shop would...
A company had the following purchases and sales during its first year of operations: Purchases Sales...
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $120 6 units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $140 13 units On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO inventory costing method, what is the value of cost of goods sold? (Assume all...
The following events took place for Fed Inc. during October 2012, the first month of operations...
The following events took place for Fed Inc. during October 2012, the first month of operations as a producer of road bikes: Purchased $427,000 of materials. Used $367,500 of direct materials in production. Incurred $315,000 of direct labor wages. Applied factory overhead at a rate of 80% of direct labor cost. Transferred $892,500 of work in process to finished goods. Sold goods with a cost of $848,750. Sold goods for $1,500,000. Incurred $367,500 of selling expenses. Incurred $131,950 of administrative...
A company had the following purchases and sales during its first year of operations:    Purchases  ...
A company had the following purchases and sales during its first year of operations:    Purchases   Sales January:   29 units at $215   20 units February:   39 units at $220   18 units May:   34 units at $225   22 units September:   31 units at $230   21 units November:   29 units at $235   37 units On December 31, there were 44 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all...
A company had the following purchases and sales during its first year of operations: Purchases Sales...
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $120 6 units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $140 13 units On December 31, there were 26 units remaining in ending inventory. Using the perpetual FIFO inventory costing method, what is the value of cost of goods sold? (Assume all...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT