Inventory Costing FIFO Filimonov Inc has the following information related to purchases and sales of one of its inventory items The company uses a perpetual inventory system section Required Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method OB...

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Inventory Costing: FIFO} Filimonov Inc. has the following information related to purchases and sales of one of

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Inventory Costing: FIFO}

Filimonov Inc. has the following information related to purchases and sales of one of its inventory items.

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The company uses a perpetual inventory system.
\section*{Required:}
Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.
OBJECTIVE 3 Cornerstone Exercise

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Cornerstones Of Financial Accounting

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2nd Canadian Edition

Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone

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Question Posted: Jun 07, 2024 01:22 AM

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Inventory Costing: FIFO} Filimonov Inc. has the following information related to purchases and sales of one of

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Date Description June 1 Beginning inventory 9 Purchase I Units Purchased at Cost 200 units @ $10 = $2,000 300 units @ $12 Units Sold at Retail $3,600 14 Sale 1 400 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25

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Cornerstones Of Financial Accounting

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