Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 13.00

Speed World Cycles

Speed World Cycles sells high-performance motorcycles and motocross racers. One of Speed World's most popular models is the Kazomma 900 dirt bike. During the current year, Speed World purchased eight of these cycles at the following costs:

Purchase Date Units Purchased Unit Cost Total Cost
July 1   2   $ 4,950   $ 9,900  
July 22   3     5,000     15,000  
Aug. 3   3     5,100     15,300  
   
       
 
    8         $ 40,200  
   
       
 

On July 28, Speed World sold four Kazomma 900 dirt bikes to the Vince Wilson racing team. The remaining four bikes remained in inventory at September 30, the end of Speed World's fiscal year.

 

Assume that Speed World uses a periodic inventory system.

 

a.

Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazomma 900 dirt bikes at September 30, using the following cost flow assumptions:
  1. Average cost
  2. FIFO
  3. LIFO
 

Show the number of units and unit costs in each cost layer of the ending inventory. You may determine the cost of goods sold by deducting ending inventory from the cost of goods available for sale. (Omit the "$" sign in your response.)

 

a.   Cost of goods sold and ending inventory    
  1. Average-cost method:    
    Ending inventory at September 30:    
    Average cost $  
    Ending inventory   $
       
    Cost of goods sold through September 30:    
    Cost of goods available for sale   $
    Less: Ending inventory at September 30 (above)    
       
    Cost of goods sold   $
       
         
  2. First-in, first-out (FIFO) method:    
    Ending inventory at September 30:    
    From purchase on August 3   $
    From purchase on July 22    
       
        $
       
    Cost of goods sold through September 30:    
    Cost of goods available for sale   $
    Less: Ending inventory at September 30 (above)    
       
    Cost of goods sold   $
       
         
  3. Last-in, first-out (LIFO) method:    
    Ending inventory at September 30:    
    From purchase on July 1   $
    From purchase on July 22    
       
    Ending inventory   $
       
    Cost of goods sold:    
    Cost of goods available for sale   $
    Less: Ending inventory at September 30 (above)    
       
    Cost of goods sold

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 02:08 PM My Price 13.00

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