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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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