Please do not give solution in image format thanku Bordeaux Company has the following information related to purchases and sales of one of its inventory items:DescriptionUnits Sold at RetailUnits Purchased at Cost150 units @ $10 = $1,500200 units @ $12= $2,400DateJune 1 Beginning InventoryPurchase 1.Sale 1Purchase 2914Cost of endinginventory2229 Sale 2Assume 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$250 units @ $17= $4,250$8,150 X300 units @ $256,875 X225 units @ $25

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Description: Please do not give solution in image format thanku Bordeaux Company has the following information related to purchases and sales of one of its inventory items:DescriptionUnits Sold at RetailUnits Purchased at Cost150 units @ $10 = $1,500200 units @ $

Under periodic inventory system the inventory is counted at year end and hence cost of goods sold is…

Business

Accounting

Date Description Beginning Inventory Purchase 1 Sale 1 June 1 9 14 22 29 Sale 2 Assume that Bordeaux uses a periodic inventory system. Purchase 2 Units Purchased at Cost 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Cost of ending inventory 250 units @ $17= $4,250 8,150 X Units Sold at Retail Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold $ 6,875 X 300 units @ $25 225 units @ $25

Date Description Beginning Inventory Purchase 1 Sale 1 June 1 9 14 22 29 Sale 2 Assume that Bordeaux uses a periodic inventory system. Purchase 2 Units Purchased at Cost 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Cost of ending inventory 250 units @ $17= $4,250 8,150 X Units Sold at Retail Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold $ 6,875 X 300 units @ $25 225 units @ $25

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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