1. Business
  2. Accounting
  3. part b25 marks inventory management bike world recently opened several...

Question: part b25 marks inventory management bike world recently opened several...

Question details

Part B-25 marks- Inventory management Bike World recently opened several stores in New South Wales. The owner is considering whether a perpetual or periodic inventory system should be used. The company also has an inventory of a bike model with details below: Date Item Jun Quantity Unit cost 35 20 35 25 80 35 Inventory 215 217 5 Purchase 7 Purchase 8 Purchase 10 Sale 17 Purchase 20 Sale 25 Purchase 210 208 30 Sale price is $350 per unit Requirements: . Explain the essential differences in accounting treatments between perpetual and periodic inventory systems, You have to use journal entries to . Using a spreadsheet, calculate the ending inventory and Cost of Goods Sold for June, using the average cost, LIFO, and FIFO methods. Present your demonstrate each difference. With the nature of Bike Worlds business, which system would you suggest to the owner? Why? (7 marks) answers in both normal and formula views with rows and column headings. In the spreadsheet, you are required to have a data section separated from a report section. (10 marks) . The company is not doing very well and the owner wants to call funds from potential investors. Based on all the above factors, what inventory method
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution