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Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: DATE DESCRIPTION UNITS PURCHASED AT
Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:
DATE | DESCRIPTION | UNITS PURCHASED AT COST | UNITS SOLD AT RETAIL |
JUNE 1 | BEGINNING INVENTORY | 200 units @ $14 = $2,800 | |
JUNE 9 | PURCHASE 1 | 230 units @ $16 = $3,680 | |
JUNE 14 | SALE 1 | 340 units @ $25 | |
JUNE 22 | PURCHASE 2 | 280 units @ $19 = $5,320 | |
JUNE 29 | SALE 2 | 235 units @ $25 |
ANSWER:
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 |
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