Please help me (Appendix 6B) Inventory Costing Methods: Periodic LIFOBordeaux Company has the following information related to purchases and sales of one of its inventory items:DescriptionUnits Purchased at CostUnits Sold at RetailDateJune 1 Beginning Inventory9Purchase 11422Sale 1Purchase 2150 units @ $8 = $1,200200 units @ $12 = $2,400250 units @ $14 = $3,50029 Sale 2Assume that Bordeaux uses a periodic inventory system.$300 units @ $25225 units @ $25Required:Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.Cost of goods soldCost of ending inventory

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

(Appendix 6B) Inventory Costing Methods: Periodic LIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Description Units Purchased at Cost 150 units @ $8 = $1,200 200 units @ $12 = $2,400 Date June 1 Beginning Inventory 9 Purchase 1 Sale 1 Purchase 2 Sale 2 Assume that Bordeaux uses a periodic inventory system. 14 22 29 Cost of ending inventory 250 units @ $14 = $3,500 $ Units Sold at Retail 300 units @ $25 Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold 225 units @ $25

(Appendix 6B) Inventory Costing Methods: Periodic LIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Description Units Purchased at Cost 150 units @ $8 = $1,200 200 units @ $12 = $2,400 Date June 1 Beginning Inventory 9 Purchase 1 Sale 1 Purchase 2 Sale 2 Assume that Bordeaux uses a periodic inventory system. 14 22 29 Cost of ending inventory 250 units @ $14 = $3,500 $ Units Sold at Retail 300 units @ $25 Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold 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 64E: ( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data...

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