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City Bicycle, a cycling store has a beginning inventory of one bi-level touring bicycle 1,...

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Accounting

City 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 FIFO cost-flow assumption. Find the cost of goods sold

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