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 $150$ units @ $$10=$ $$1,500$

$9$ Purchase $1240$ units @ $$14=$ $$3,360$

$14$ Sale $1330$ units @ $$25$

$22$ Purchase $2210$ units @ $$17=$ $$3,570$

$29$ Sale $2220$ units @ $$25$

Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

Required:

Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.

Cost of goods sold $fill in the blank $2$

Cost of ending inventory $fill in the blank $3$

Inventory Costing: FIFO

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

$\backslash$table$[[$Date$,$Description,Units Purchased at Cost,Units Sold at Retail$],[$June $1,$Beginning inventory,$150$ units @ $$10=$$$1,500,],[9,$Purchase $1,240$ units @ $$14=$$$3,360,330$ units @ $$25$