Please do not give solution in image format thanku eBookInventory Costing: FIFOFilimonov Inc. has the following information related to purchases and sales of one of its inventory items:Units Purchased at CostUnits Sold at Retail150 units @ $5 = $750200 units @ $12 = $2,400DateDescriptionJune 1 Beginning Inventory9 Purchase 114 Sale 122 Purchase 229 Sale 2Assume that Filimonov uses a perpetual inventory system.250 units @ $14 = $3,500Cost of endinginventory$Required:Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.Cost of goods sold5,818.75 X300 units @ $25831.25 X225 units @ $25

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Description: Please do not give solution in image format thanku eBookInventory Costing: FIFOFilimonov Inc. has the following information related to purchases and sales of one of its inventory items:Units Purchased at CostUnits Sold at Retail150 units @ $5 = $7502

FIFO is first in first out inventory costing method under which inventories which are purchased…

Business

Accounting

eBook Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description. Units Sold at Retail Units Purchased at Cost 150 units@ $5 = $750 June 1 Beginning Inventory 9 Purchase 1 200 units @ $12= $2,400 14 Sale 1 22 Purchase 2 29 Sale 2 Assume that Filimonov uses a perpetual inventory system. 250 units @ $14 = $3,500 Cost of ending inventory Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold 5,818.75 X 300 units @ $25 831.25 X 225 units @ $25

eBook Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description. Units Sold at Retail Units Purchased at Cost 150 units@ $5 = $750 June 1 Beginning Inventory 9 Purchase 1 200 units @ $12= $2,400 14 Sale 1 22 Purchase 2 29 Sale 2 Assume that Filimonov uses a perpetual inventory system. 250 units @ $14 = $3,500 Cost of ending inventory Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold 5,818.75 X 300 units @ $25 831.25 X 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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