Cornerstone Exercise 6-30 Inventory Costing Methods: Periodic FIFO (Appendix 6B)

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

Chapter dice Quiz eBook Cornerstone Exercise 6-30 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 Feedback Check My Work Cor cost of anods sold using the riro inventory costing method annly the following stens