1 answer

Cornerstone Exercise 6-27 (Algorithmic) (Appendix) Inventory Costing Methods: Periodic FIFO Filimonov Company has the following information...

Question:

Cornerstone Exercise 6-27 (Algorithmic) (Appendix) Inventory Costing Methods: Periodic FIFO Filimonov Company has the followi
Cornerstone Exercise 6-27 (Algorithmic) (Appendix) Inventory Costing Methods: Periodic FIFO Filimonov 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 9 Purchase 1 200 units @ $12 = $2,400 Sale 1 300 units @ $25 Purchase 2 250 units @ $14 = $3,500 Sale 2 225 units @ $25 Assume that Filimonov 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 $ 13,125 Cost of ending inventory $ -5,725 X

Answers

Answer:

Under Periodic inventory Method & FIFO

Cost of goods sold $6,350
Cost of Ending inventory $1,050

Calculations:

Date Description Units x Cost/unit = Total
June 1 Beginning inventory 150 x $10 = $1,500
June 9 Purchase 1 200 x $12 = $2,400
June 22 Purchase 2 250 x $14 = $3,500
Cost of goods available for sale 600 $7,400
June 14 Cost of sale 1:
From beginning inventory 150 x $10 = $1,500
From purchase 1 150 x $12 = $1,800
June 29 Cost of sale 2:
From purchase 1 50 x $12 = $600
From purchase 2 175 x $14 = $2,450
Cost of goods sold 525 $6,350
June 30 Cost of Ending balance:
From purchase 2 [250-175] 75 x $14 = $1,050
Cost of Ending balance 75 $1,050
.

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