one page report, single-spaced, with double spacing between paragraphs
On July 28, Speed World Cycles sold four Kazomma 900 dirt bikes to the WinsWilson Racing. The remaining four bikes remained in the inventory at Sep. 30., the end of company’s fiscal year. Assume that Speed world uses perpetual inventory system. Instructions Compute the cost of goods sold relating to the sale on July 28 and the ending inventory of Kazommo 900 dirt bikes at September 30, using the following cost assumtions. 1. Average cost 2. FIFO 3. LIFO Show the number of unit costs of each layer comprising the cost of goods sold and the ending inventory.