Blixi Bikes manufactures commuter bicycles in the United States. The following information pertains to the companys inventories

Question:

Blixi Bikes manufactures commuter bicycles in the United States. The following information pertains to the company’s inventories for 2020:

The company had no work in process at the end of both 2019 and 2020. Blixi uses a periodic inventory system.

Required:

Using the above information, identify the cost flow assumption used by Blixi Bikes (i.e., FIFO, LIFO, or weighted-average cost).

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting Volume 1

ISBN: 9780135236109

4th Edition

Authors: Kin Lo, George Fisher

See More Books

Question Posted: Mar 04, 2023 09:30 AM

See More Questions

A company uses a periodic inventory system on august 1, the company had 6 items of beginning inventory with a cost of $7 per unit on August 3, the company purchased 16 units at $14 per unit then, on...
The following information pertains to Sensei Company on December 31, 2014: Prepare the property, plant, and equipment section of Sensei Companys balance sheet on December 31,2014. S197,500 325,000...
The following information pertains to Baxter Company for 2014 Beginning inventory 90 units 15 Units purchased 320 units 19 Ending inventory consisted of 40 units Baxter sold 310 units at 30 each All...
Neo-Darwinism believes that new species develop through (A).Continuous variations and natural selection (B) Mutation with natural selection (C) Hybridization (D) Mutation
Discuss how product variations, security and import constraints, and transportation uncertainty should impact global sourcing and marketing decisions.
For the heritage center described in Problem 32, note that a survey that has determined that annual benefits of $\$ 3$ each are now received by 12,000 visitors, $\$ 5$ each by 14,000 visitors,...
How does the application flow handle nonfunctional requirements? Give an example.
Office Mate Supplies Inc. has cash and carry customers and credit customers. Office Mate estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers....
To properly distribute its fleet of patrol cars, the police collect data on the incidence of crime on residents for each sector of the region it serves. Each sector has 1,000 residents. Crimes by...
Following are actual price and dividend data for three companies for each of seven months. A. Compute the rate of return for each company for each month. B. Compute the average rate of return for...
Refer to the facts in problem P7-39. Data in problem P7-39. Armstrong Corp. purchased a bond with a maturity value of $10,000 payable in five years. These bonds have a 6% coupon rate payable...
Green Teaz (GT) has a December 31 fiscal year-end. The company purchased Hydro One bonds with face value of $10,000. These bonds were purchased on January 1, 2020, at a cost of $10,267. The bonds pay...
Review Dave's proposed activities for the custom documentation project. On a sheet of paper or in a computer file, create a table with three columns. In the first column, list the kinds of...
Below, you are given the expected returns and standard deviations of LOreal and Daimler AG, the Euro Stoxx 50 Index of largest Eurozone firms, and the risk-free asset. 1. Assuming that the returns...
Hamilton Corporation has a target equity ratio of 65%, and its capital budget is $2 million. If Hamilton has net income of $1.6 million and follows a residual distribution model, how much will its...
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn. Businesses that create pollution frequently cause injury to people or damage to their...
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. In most cases, the individual voter has direct control over administrative a gencies.
A contract with several unrelated parts, each of which can stand alone. a. competent pa rty b. consideration c. divisible c ontract d. entire, or indivisible, contract e. executed c ontract f....
A Bernoulli differential equation (named after James Bernoulli) is of the form dy / dx + P(x) y = Q(x)yn Observe that, if n = 0 or 1, the Bernoulli equation is linear. For other values of n, show...
Big Jim Company sponsored a picnic for employees and purchased a propane grill equipped with a standard-sized propane tank for the picnic. To make sure there was enough propane for all the cooking...
Grand Yachts manufactures sailboats. Due to recessionary conditions which have significantly depressed sales, the company had to cut back production to levels significantly below the normal level of...
Variety Appliances produces two lines of refrigerators. Typically, the company sells (and makes) an equal number of each product line. Both product lines are manufactured in the same facility using...
Greenfor is a large producer of lumber and paper products. The company has a periodic inventory system and uses the weighted-average cost flow assumption. You gathered the following information...
What tools and resources do scientists use to construct phylogenetic trees ?
Esther, the sales manager for Reynoso Products, wants to sponsor a one-week "Customer Appreciation Sale" during which the firm will sell additional units of a product at the lowest price possible...
Rocket spray's manufacturing costs for July are: Materials cost: $4,000 Labor cost: $3,200 Overhead: $800 If Rocket spray's one plant employee manufactured 10 bottles per hour, and worked 8 hours per...

Blixi Bikes manufactures commuter bicycles in the United States. The following information pertains to the companys inventories

Question:

Beginning inventory Production during year Ending inventory Variable costs (raw materials, labour, variable overhead) Fixed manufacturing overhead # Units 400 2,400 320 Total cost $ 80,000 508,000 67,200 408,000 100,000

Step by Step Answer:

To identify the cost flow assumption used by Blixi Bikes we can calculate the cost of goods sold COG...View the full answer

Intermediate Accounting Volume 1

Students also viewed these Business questions