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Please help! Inventory Costing: FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Description Units
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Inventory Costing: FIFO
Bordeaux Company has the following information related to purchases and sales of one of its inventory items:
Date
Description
Units Purchased at Cost
June 1 Beginning Inventory
9 Purchase 1
150 units @ $5 = $750
200 units @ $12 = $2,400
14 Sale 1
22 Purchase 2
250 units @ $14 = $3,500
29 Sale 2
Assume that Bordeaux uses a perpetual inventory system.
Required:
Units Sold at Retail
300 units @ $25
225 units @ $25
Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.
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