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.

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

$