please answer requirement 7 and 8

Comprehensive Problem The Accounting Cycle for a Merchandiser, Including Inventory Valuation Bike World, Inc, wholesales a line of custom road bikes. Bike World's inventory as o 30, 2018, consisted of 22 mountain bikes costing $1,650 each. Bike World's trial balance as November 30 appears as follows: f November Bike World, Inc. Trial Balance November 30, 2018 CREDIT ACCOUNT DEBIT 9,150 12,300 36,300 900 18,000 Cash Accounts Receivable Inventory Supplies Office Equipment Accounts Payable Common Stock Accumulated Depreciation, Office Equipment $ 3,000 1,325 5,000 8,500 21,425 Note Payable, Long-Term Retained Earnings Dividends Sales Revenue 4,250 Cost of Goods Sold 147,975 78,900 11,300 7,425 5,500 3,200 Sales Commissions Expense Office Salaries Expense Office Rent Expense Shipping Expense Total $187,225 $187,225 ng the month of December 2018, Bike World, Inc., had the following transactions: Purchased 10 bikes for $1,575 each from Truspoke Bicycle, Co., on account, Terms 110 FOB destination Comprehensive Problem The Accounting Cycle for a Merchandiser, Including Inventory Valuation Bike World, Inc, wholesales a line of custom road bikes. Bike World's inventory as o 30, 2018, consisted of 22 mountain bikes costing $1,650 each. Bike World's trial balance as November 30 appears as follows: f November Bike World, Inc. Trial Balance November 30, 2018 CREDIT ACCOUNT DEBIT 9,150 12,300 36,300 900 18,000 Cash Accounts Receivable Inventory Supplies Office Equipment Accounts Payable Common Stock Accumulated Depreciation, Office Equipment $ 3,000 1,325 5,000 8,500 21,425 Note Payable, Long-Term Retained Earnings Dividends Sales Revenue 4,250 Cost of Goods Sold 147,975 78,900 11,300 7,425 5,500 3,200 Sales Commissions Expense Office Salaries Expense Office Rent Expense Shipping Expense Total $187,225 $187,225 ng the month of December 2018, Bike World, Inc., had the following transactions: Purchased 10 bikes for $1,575 each from Truspoke Bicycle, Co., on account, Terms 110 FOB destination