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 @ $7 = $1,050 June 1 Beginning Inventory 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 Date 22 Purchase 2 29 Sale 2 250 units @ $14 = $3,500 Assume that Bordeaux uses a perpetual inventory system. 300 units @ $25 225 units @ $25 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 $
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 @ $7 = $1,050 June 1 Beginning Inventory 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 Date 22 Purchase 2 29 Sale 2 250 units @ $14 = $3,500 Assume that Bordeaux uses a perpetual inventory system. 300 units @ $25 225 units @ $25 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 $
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 67APSA: Inventory Costing Methods Andersons Department Store has the following data for inventory,...
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Bordeaux Company has the following information related to purchases and sales of one of its inventory items:
Description
Units Sold at Retail
Date
June 1 Beginning Inventory
9 Purchase 1
14 Sale 1
22 Purchase 2
29 Sale 2
Units Purchased at Cost
150 units @ $7 = $1,050
200 units @ $12 = $2,400
250 units @ $14 $3,500
300 units @ $25
225 units @ $25
Assume that Bordeaux uses a perpetual 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"
Transcribed Image Text:Inventory Costing: FIFO
Bordeaux Company has the following information related to purchases and sales of one of its inventory items:
Description
Units Sold at Retail
Date
June 1 Beginning Inventory
9 Purchase 1
14 Sale 1
22 Purchase 2
29 Sale 2
Units Purchased at Cost
150 units @ $7 = $1,050
200 units @ $12 = $2,400
250 units @ $14 $3,500
300 units @ $25
225 units @ $25
Assume that Bordeaux uses a perpetual 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
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