Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Units Purchased at Cost Units Sold at Retail Date June 1 9 14 22 29 Description Beginning inventory Purchase 1 Sale 1 Feedback Purchase 2 Sale 2 X Open spreadsheet 200 units @ $10 = $2,000 220 units @ $16 = $3,520 250 units @ $17 = $4,250 240 units @ $25 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. 310 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 8,345 X Cost of ending inventory 1,425 X Check My Work For cost of goods sold using the LIFO inventory costing method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period. Step 2: Apply the Inventory costing method recognizing that under LIFO, the most recent purchases (newest costs) are allocated to cost of goods sold. For cost of ending inventory using the LIFO inventory costing method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period. Step 2: Apply the Inventory costing method recognizing that under LIFO, the earliest purchases (oldest costs) are allocated to ending inventory.

Inventory Costing: LIFO Filimonov Inc. has the following information retated 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 Microsof Excet ontine fite: 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 LFO inventory costing method: Feodback F Chock My Work For cost of goods sold using the Lifo inventory costing method, apply the foliowing steps: Step 1: Calculate the cost of goods available for sale for the period: Step 2: Apply the Inventory costing method recognizing that under LIFO, the most recent purchases (newest costs) are allocated to cost of goods soid. For cost of ending inventory using the LIFO inventory costing method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period. Step 2: Apply the Inventory costing method recognizing that under ufo, the earliest purchases foldest costs) are allocated to ending inventory