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How to calculate the cost of goods sold and ending inventory

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Reference no: EM132587718

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

Assume that the company uses a perpetual inventory system.

Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 200 units @ $10 = $2,0009 Purchase 1300 units @ $12 = $3,60014 Sale 1400 units @ $2522 Purchase 2250 units @ $14 = $3,50029 Sale 2225 units @ $25

Question 1: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.

Reference no: EM132587718

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