Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $10 = $1,500 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 Assume that Filimonov 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 1050
Inventory Costing: FIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $10 = $1,500 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 Assume that Filimonov 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 1050
Chapter1: Financial Statements And Business Decisions
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Inventory Costing: FIFO
Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:
| Date | Description | Units Purchased at Cost | Units Sold at Retail |
| June 1 | Beginning Inventory | 150 units @ $10 = $1,500 | |
| 9 | Purchase 1 | 200 units @ $12 = $2,400 | |
| 14 | Sale 1 | 300 units @ $25 | |
| 22 | Purchase 2 | 250 units @ $14 = $3,500 | |
| 29 | Sale 2 | 225 units @ $25 |
Assume that Filimonov 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 | 1050 |
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