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Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at
Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning inventory 160 units @ $11 = $1,760 9 Purchase 1 250 units @ $14 = $3,500 14 Sale 1 340 units @ $25 22 Purchase 2 300 units @ $17 = $5,100 29 Sale 2 275 units @ $25 Refer to the information for Filimonov Inc. and 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 $
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