Inventory Costing: LIFO

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

Assume that the company uses a perpetual inventory system.

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

Please show all working.

Date Descriptiorn Units Purchased at Cost Units Sold at Retail JuneBeginning inventory 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