Filimonov Inc. has the following information related to purchases and sales of o
ID: 2491774 • Letter: F
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 @ $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 @ $25Explanation / Answer
Date
Purchases
Cost of goods sold
Ending inventory
Units
Rate
Value
Units
Rate
Value
Units
Rate
Value
Jun-01
150
$10
$1,500
Jun-09
200
$12
$2,400
150
$10
$1,500
200
$12
$2,400
$3,900
Jun-14
150
$10
$1,500
50
$12
$600
150
$12
$1,800
Jun-22
250
$14
$3,500
50
$12
$600
250
$14
$3,500
Jun-29
50
$12
$600
75
$14
$1,050
175
$14
$2,450
Total
$6,350
$1,050
Cost of goods sold
$6,350
Cost of ending inventory
$1,050
Date
Purchases
Cost of goods sold
Ending inventory
Units
Rate
Value
Units
Rate
Value
Units
Rate
Value
Jun-01
150
$10
$1,500
Jun-09
200
$12
$2,400
150
$10
$1,500
200
$12
$2,400
$3,900
Jun-14
150
$10
$1,500
50
$12
$600
150
$12
$1,800
Jun-22
250
$14
$3,500
50
$12
$600
250
$14
$3,500
Jun-29
50
$12
$600
75
$14
$1,050
175
$14
$2,450
Total
$6,350
$1,050
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