Cornerstone Exercise 6-30 (Algorithmic)Inventory Costing Methods: Periodic FIFO (Appendix 6B)Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostUnits Sold at RetailJune 1Beginning Inventory150 units © $10 = $1,500Purchase 1200 units © $12 = $2,40014Sale 1300 units @ $2522Purchase 2250 units © $17 = $4,25029Sale 2225 units @ $25Assume that Filimonov 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 soldCost of ending inventory

Name: Cornerstone Exercise 6-30 (Algorithmic)Inventory Costing Methods: Per
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Description: Cornerstone Exercise 6-30 (Algorithmic)Inventory Costing Methods: Periodic FIFO (Appendix 6B)Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostUnits Sold a

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Inventory Costing Methods: Periodic FIFO (Appendix 6B) 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 @ $17 = $4,250 29 Sale 2 225 units @ $25 Assume that Filimonov 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 Cost of ending inventory

Inventory Costing Methods: Periodic FIFO (Appendix 6B) 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 @ $17 = $4,250 29 Sale 2 225 units @ $25 Assume that Filimonov 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 Cost of ending inventory

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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