Refer to the information for Filimonov Inc. in the box above. Assume that Filimonov uses a perpetual

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Refer to the information for Filimonov Inc. in the box above. 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 costingmethod.

Refer to the information for Filimonov Inc. in the box

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-0324787351

1st Edition

Authors: Rich Jones, Mowen, Hansen, Heitger

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Question Posted: Jul 23, 2012 02:29 AM

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Refer to the information for Filimonov Inc. in the box above. Assume that Filimonov uses a perpetual

Question:

Units Sold at Retail Date Description Units Purchased at Cost June 1 14 29 Beginning Inventory 150 units Purchase 1 Sale 1 Purchase 2 Sale 2 $10 $1,500 200 units $12 $2,400 300 units $25 250 units $14 $3,500 225 units $25

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Under the FIFO method cost of goods sold is 6350 and ending inventory is 1050 Calculation...View the full answer

Cornerstones of Financial and Managerial Accounting

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