Question
Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Assume that the company uses a perpetual inventory
Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:
Assume that the company uses a perpetual inventory system.
Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,0009 Purchase 1300 units @ $12 = $3,60014 Sale 1400 units @ $2522 Purchase 2250 units @ $14 = $3,50029 Sale 2225 units @ $25
Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.
Cost of goods sold?
Cost of ending inventory?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started