# 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 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

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