I went to Dick's sporting goods, here, in my area and picked up a Sigma 1200 for $20. It was extremely easy to calibrate.
All I had to do was measure the (rolling) circumference of my tire. I just made a mark on my tire with chalk where the valve stem is and then marked the pavement. I then pushed my kart one full revolution and made another mark. Measured from one chalk mark to the other and had my circumference in inches. But bike computers are in metrics, thus making them as accurate as a mm. It's based off of the following formula:
Input your numbers into the formula, multiply into mm and then divide to get your mph reading.
WS(Wheel Size)=RC(rolling circumference in inches) x 25.4(#mm in 1 in.) / 1.61(#of kilometers in 1 mile) = mph
For example:
Tire Rolling Circumference= 36" x 25.4mm=914.4mm
914.4/1.61= 567.95 or 568 <-------------- this is the number you enter into the bike computer. The computers have 4 digit entry, so if its only 3 digits just enter 0 first and then your number it's calibrated.
I hope this helps! Just ignore the Wheel Size chart in the bike computer manual. If you want to see a video of the calibration process you can get it on youtube.