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 Inventory200 units @ $10 = $2,000 9Purchase 1300 units @ $12 = $3,600 14Sale 1 400 units @ $2522Purchase 2250 units @ $14 = $3,500 29Sale 2 225 units @ $25Assume that the company 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

Name: Inventory Costing Methods: Periodic FIFO (Appendix 6B)Filimonov Inc. h
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Description: 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 Inventory200 uni

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Answered: Inventory Costing Methods: Periodic…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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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	200 units @ $10 = $2,000
9	Purchase 1	300 units @ $12 = $3,600
14	Sale 1		400 units @ $25
22	Purchase 2	250 units @ $14 = $3,500
29	Sale 2		225 units @ $25

Assume that the company 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

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