shobha (Appendix 6B) Inventory Costing Methods: Periodic FIFOBordeaux Company has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostUnits Sold at RetailJune 1 Beginning Inventory150 units @ $10 = $1,500Purchase 1200 units @ $12 = $2,400Sale 1Purchase 29142229 Sale 2Assume 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 soldCost of ending inventory300 units @ $25250 units @ $19 = $4,750225 units @ $25

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Description: shobha (Appendix 6B) Inventory Costing Methods: Periodic FIFOBordeaux Company has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostUnits Sold at RetailJune 1 Beginning Invent

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

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(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

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 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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shobha

(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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