Find the cost of goods sold and the ending inventory

Assignment Help Accounting Basics
Reference no: EM131661453

Question - Urban Bicycle, a cycling store has a beginning inventory of one bi-level touring bicycle 1, for which it paid $2,500. Suppose that during the period the store purchases bi-level touring bicycle 2 for $2,900 and bi-level touring bicycle 3 for $3,000, and that it sells one bicycle for $5,500. The three bicycles are physically identical; the store acquired them at different times as their acquisition costs changed, so only their costs differ. Suppose the cycling store uses the specific identification system, and uses serial numbers or product bar codes to identify bi-level touring bicycle 2 as the unit sold. The cost of goods sold and the ending inventory, respectively, are:

a. $2,900; $5,500

b. $2,500; $5,900

c. $3,000; $5,400

d. $2,800; $5,600

e. Cannot be determined with the information given

Reference no: EM131661453

Questions Cloud

Watch the video- ethics vs psychological research : Professional psychologists, in nonclinical fields, provide valuable consultation services to governmental, corporate, nonprofit agency, and individual clients.
Calculate the weighted average cost for the han corp : Given the following information, calculate the weighted average cost for the Han Corp. Percent of capital structure: Preferred stock 15% Common equity 60% Debt.
Discuss each type of financing transaction : For each type of financing transaction, specify whether Citigroup would serve as the creditor or would simply facilitate the flow of funds to the firm.
What is dave taxable income : His self-employment tax was $8,000. He also had itemized deductions of $4,000. What is Dave's AGI? What is Dave's taxable income
Find the cost of goods sold and the ending inventory : Urban Bicycle, a cycling store has a beginning inventory of one bi-level touring bicycle 1, The cost of goods sold and the ending inventory, respectively, are
Evaluate the internal and external environments : Evaluate the internal and external environments of your selected company using an environmental scan.
Prepare a stockholders section of a classified balance sheet : Prepare a Stockholders' section of a classified balance sheet as of December 31, 2015 (after taking into consideration your journal entries)
How much self employment tax must he pay : He also earned a salary of $95,000 from his full-time job. How much self employment tax must he pay for 2013
Discuss the relationship between vulnerability and trust : Discuss the relationship between vulnerability and trust and more importantly its likely impact on virtual team dynamics.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Amount transferred to capital redemption reserve account

Calculate the number of fresh shares issued and the amount transferred to capital redemption reserve account.

  The grinding machines are potentially the constraint in the

1.gwinnett barbecue sauce corporation manufactures a specialty barbecue sauce. gwinnett has the capacity to manufacture

  Problem regarding the labor demand curve

If the labor supply curve shifts to the left and the labor demand curve remains unchanged, what will happen to the equilibrium wage and the equilibrium level of employment? Illustrate your answer with a graph.

  Best teaching practices for diverse learners

Multicultural education can be used as an excellent tool in the classroom by including recognition of the contributions of different cultures and build on the students' cultural strengths in the classroom. Developing cultural sensitivity also help..

  Success or failure of the direct mailing

The postcard will include information about the store's typical inventory, store hours, and directions. Which of the following format elements can make the biggest difference in the success or failure of the direct mailing?

  Different ways to estimate bad debt

What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.

  Financial statement analysis of a public company

Write a five-to seven-page financial statement analysis of a public company, formatted according to APA style as outlined in the Ashford Writing Center. In this analysis you will discuss the financial health of this company with the ultimate goa..

  Several years ago penston company purchased 90 percent of

several years ago penston company purchased 90 percent of the outstanding shares of swansan corporation. penston made

  How are the costs of providing postretirement

How are the costs of providing postretirement benefits other than pensions expensed?

  Accounting databases to obtain relevant data

The use of accounting databases enables researchers to obtain data to help answer their questions more efficiently. Using the FASB Codification database and other sources such as the SEC Web site as guides, answer the following questions:

  Sparrow co is currently operating at 80 of capacity and is

sparrow co. is currently operating at 80 of capacity and is currently purchasing a part used in its manufacturing

  What would be sample company predetermined overhead

when sample company prepared their operating budget for 2013 they estimated that theyd have 100000 hours of direct

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd