Filimonov Inc. has the following information related to purchases and sales or one of its inventory items. Units Purchased at Cost Units Sold at Retail 160 units @ $14 = $2,240 230 units @ $17 = $3,910 Date June 1 Description Beginning inventory Purchase 1 9 14 22 29 Sale 2 225 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. Sale 1 Purchase 2 Open spreadsheet 270 units @ $19 = $5,130 340 units @ $25 Required: 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
Filimonov Inc. has the following information related to purchases and sales or one of its inventory items. Units Purchased at Cost Units Sold at Retail 160 units @ $14 = $2,240 230 units @ $17 = $3,910 Date June 1 Description Beginning inventory Purchase 1 9 14 22 29 Sale 2 225 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. Sale 1 Purchase 2 Open spreadsheet 270 units @ $19 = $5,130 340 units @ $25 Required: 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
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...
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