Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Description Units Purchased at Cost Units Sold at Retail 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Date June 1 Beginning Inventory 9 Purchase 1 14 22 Sale 1 Purchase 2 $ 250 units @ $13 = $3,250 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 @ $25 225 units @ $25

FINANCIAL ACCOUNTING
10th Edition
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 items:
Description
Units Purchased at Cost
150 units @ $10 = $1,500
200 units @ $12 = $2,400
Date
June 1 Beginning Inventory
Purchase 1
9
14
22
29
Sale 1
Purchase 2
Sale 2
$
250 units @ $13 =
$
$3,250
Units Sold at Retail
300 units @ $25
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
225 units @ $25
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: Description Units Purchased at Cost 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Date June 1 Beginning Inventory Purchase 1 9 14 22 29 Sale 1 Purchase 2 Sale 2 $ 250 units @ $13 = $ $3,250 Units Sold at Retail 300 units @ $25 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 225 units @ $25
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