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Date Description Beginning Inventory Purchase 1 Sale 1 June 1 9 14 22 29 Sale 2 Assume that Bordeaux uses a periodic inventory system. Purchase 2 Units Purchased at Cost 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Cost of ending inventory 250 units @ $17= $4,250 8,150 X Units Sold at Retail Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold $ 6,875 X 300 units @ $25 225 units @ $25

Date Description Beginning Inventory Purchase 1 Sale 1 June 1 9 14 22 29 Sale 2 Assume that Bordeaux uses a periodic inventory system. Purchase 2 Units Purchased at Cost 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Cost of ending inventory 250 units @ $17= $4,250 8,150 X Units Sold at Retail Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold $ 6,875 X 300 units @ $25 225 units @ $25

FINANCIAL ACCOUNTING
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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Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Description Units Sold at Retail Units Purchased at Cost 150 units @ $10 = $1,500 200 units @ $12= $2,400 Date June 1 Beginning Inventory Purchase 1. Sale 1 Purchase 2 9 14 Cost of ending inventory 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 $ 250 units @ $17= $4,250 $ 8,150 X 300 units @ $25 6,875 X 225 units @ $25
Transcribed Image Text:Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Description Units Sold at Retail Units Purchased at Cost 150 units @ $10 = $1,500 200 units @ $12= $2,400 Date June 1 Beginning Inventory Purchase 1. Sale 1 Purchase 2 9 14 Cost of ending inventory 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 $ 250 units @ $17= $4,250 $ 8,150 X 300 units @ $25 6,875 X 225 units @ $25
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