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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.

Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Assume that Bordeaux uses a perpetual inventory system. Required Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method