Bordeaux Company has the following information related to purchases and sales of one of its inventory...
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Bordeaux Company 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 %3D Purchase 1 200 units @ $12 $2,400 %3D 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 %3D 29 Sale 2 225 units @ $25 Assume that Bordeaux 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 6,303 X Cost of ending inventory 1,095 x Bordeaux Company 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 %3D Purchase 1 200 units @ $12 $2,400 %3D 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 %3D 29 Sale 2 225 units @ $25 Assume that Bordeaux 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 6,303 X Cost of ending inventory 1,095 x
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calculation of ending inventory and COGS under FIFO method Perpetual system Purchases Cost of ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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