Refer to the information for Filimonov Inc. and assume that the company uses a periodic inventory system.

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Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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Question Posted: Sep 22, 2015 02:51 AM

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Refer to the information for Filimonov Inc. and assume that the company uses a periodic inventory system.

Question:

Date Description Units Purchased at Cost Units Sold at Retail June Beginning inntory 200 units $10 $2,000 300 units @ $12 $3,600 9 Purchase 1 14 Sale 1 22 Purchase 2 29 Sale 2 400 units @ $25 250 units @ $14 $3,500 225 units@ $25

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Cornerstones of Financial and Managerial Accounting

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