(Appendix 6B) Inventory Costing Methods: Periodic FIFOBordeaux Company has the following information related to purchases and sales of one of its inventory items:DescriptionUnits Purchased at Cost150 units @ $10 = $1,500200 units @ $12 = $2,400DateJune 1 Beginning InventoryPurchase 19142229Sale 1Purchase 2Sale 2$250 units @ $13 =$$3,250Units Sold at Retail300 units @ $25Assume 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 inventory225 units @ $25

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Description: (Appendix 6B) Inventory Costing Methods: Periodic FIFOBordeaux Company has the following information related to purchases and sales of one of its inventory items:DescriptionUnits Purchased at Cost150 units @ $10 = $1,500200 units @ $12 = $2,400DateJ

Periodic method of inventory valuation is the one wherein the record of inventory is not prepared on…

Business

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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

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

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(Appendix 68) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Units Purchased at Cost Units Sold at Retail Description Beginning Inventory Purchase 1 Sale 1 Purchase 2 June 1 150 units $10-$1,500 200 units @ $12= $2,400 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. 250 units $18= $4,500 more Check My Work uses remaining 300 units @ $25 225 units @ $25 Previous
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