Subject: acounting Inventory Costing: FIFOBordeaux Company has the following information related to purchases and sales of one of its inventory items:DescriptionUnits Sold at RetailDateJune 1 Beginning Inventory9 Purchase 114 Sale 122 Purchase 229 Sale 2Units Purchased at Cost150 units @ $7 = $1,050200 units @ $12 = $2,400250 units @ $14 $3,500300 units @ $25225 units @ $25Assume 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 soldCost of ending inventory

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Description: Subject: acounting Inventory Costing: FIFOBordeaux Company has the following information related to purchases and sales of one of its inventory items:DescriptionUnits Sold at RetailDateJune 1 Beginning Inventory9 Purchase 114 Sale 122 Purchase 229 Sa

Ending inventory is the amount of goods that an entity has, in hand at the end of the period. It is…

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Accounting

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 $

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.2: Determining The Cost Of Merchandise Inventory

Problem 1WT

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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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Subject: acounting

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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