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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Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Cost 100 units@ $56.00 per unit 400 units@ $61.00 per unit Date Activities Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 420 units @ $91.00 per unit 120 units @ $66.00 per unit 200 units @ $68.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 160 units @ $101.00 per unit Totals 820 units 580 units 2. Compute the number of units in ending inventory. Ending inventory units
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Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 March 5 Beginning inventory Purchase 250 units @ $54.00 per unit 300 units March 9 Sales March 18 Purchase March 25 Purchase 160 units 300 units @ $59.00 per unit $64.00 per unit 410 units @ $89.00 per unit @ $66.00 per unit March 29 Sales Totals 280 units $99.00 per unit 1,010 units 690 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO…
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