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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 Beginning inventory units @ $ $
Purchase units @ $ $
Sale units @ $
Purchase units @ $ $
Sale units @ $
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
Cost of ending inventory $fill in the blank
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