Inventory costing fifo filimonov inc has the following...

Inventory Costing: FIFO 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 The company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method.

Transcript

00:01 In the given question we need to find out the cost of goods sold and the cost of ending inventory and it is given that the film is having a perpetual inventory costing with piper method.

00:12 So we have made this table in order to calculate the required figures.

00:17 So it is given that on june 1, the company had a balance of 200 units and the price per unit was of 10.

00:30 So that amounts to 2000 now on again on june 9th that is on june 9th what has happened the company had purchased 300 units and the price per unit were of 12 so the total cost comes to 3 ,600 and no issue was there on this date so we will be having the balance of inventory as 200 units of previous that is 10 per unit 2000 and the currently purchase that is 300 units at 12, that is 3600.

01:09 So this is the balance of inventory on june 9th.

01:13 Now again on june 14th, the company had issued 400 units.

01:20 So on june 14th, the issue amounted to 1400.

01:27 So now, sorry, 400 units.

01:29 So this 400 units will be issued like 200 units of the previous balance of this one.

01:34 And the next 200 out of this units.

01:37 So thereofo, in the issue column, we will be writing 200 units at a price of 10 per unit, that is 2 ,000.

01:48 And the next 200 units will be used out of the second lot that is priced at 12, that is 2 ,400.

01:57 So now we will be left with 100 units at a price of 12, that is 1200.

02:08 On june 22nd, the company had purchased 250 units...