(Appendix 6B) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory iter Date Description Units Sold at Retail Units Purchased at Cost 150 units @ $10 = $1,500 June 1 Beginning Inventory 9 Purchase 1 200 units @ $12= $2,400 14 Sale 1 22 Purchase 2 29 Sale 2 250 units @ $19 = $4,750 300 units @ $25 225 units @ $25
(Appendix 6B) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory iter Date Description Units Sold at Retail Units Purchased at Cost 150 units @ $10 = $1,500 June 1 Beginning Inventory 9 Purchase 1 200 units @ $12= $2,400 14 Sale 1 22 Purchase 2 29 Sale 2 250 units @ $19 = $4,750 300 units @ $25 225 units @ $25
Cornerstones of Financial Accounting
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Author:Jay Rich, Jeff Jones
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Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...
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
Transcribed Image Text:(Appendix 6B) Inventory Costing Methods: Periodic FIFO
Bordeaux Company 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
Purchase 1
200 units @ $12 = $2,400
Sale 1
Purchase 2
9
14
22
29 Sale 2
Assume that Bordeaux uses a periodic inventory system.
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
300 units @ $25
250 units @ $19 = $4,750
225 units @ $25
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