Inventory Costing: LIFO

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

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

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Open spreadsheet

Required:

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

Cost of goods sold

Cost of ending inventory

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For cost of goods sold using the LIFO inventory costing method, apply the following steps:

Sten $1$: Calculate the cost of aoods available for sale for the period.

$1$ more Check My Work uses remaining.