Filimonov Inc. has the following information related to purchases and sales of o

Question

Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:

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.

Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $6 = $900 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

Explanation / Answer

Answer"

Particulars FIFO COGS 5750 Cost of ending inventory 1050

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