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 150 units @ $11 = $1,650 200 units @ $12 = $2,400 Description June 1 Beginning Inventory 9 Purchase 1 Date 14 Sale 1 22 Purchase 2 29 Sale 2 Assume that Filimonov uses a perpetual inventory system. Cost of ending inventory 250 units @ $14 = $3,500 $ Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold $ X 300 units @ $25 X 225 units @ $25

Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Assume that Filimonov uses a perpetual inventory system