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 180 units e $10 - $1,800 Purchase 1 200 units e $14 - $2,800 14 Sale 1 290 units o $25 22 Purchase 2 250 units o $17 - 54,250 29 Sale 2 225 units e s25 Refer to the information for Filmonov 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. Open spreadsheet Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold 6,540 X Cost of ending inventory

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 180 units e $10 - $1,800 Purchase 1 200 units e $14 - $2,800 14 Sale 1 290 units o $25 22 Purchase 2 250 units o $17 - 54,250 29 Sale 2 225 units e s25 Refer to the information for Filmonov 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. Open spreadsheet Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold 6,540 X Cost of ending inventory

Name: Costing: LIFOFilimonov Inc. has the following information related to
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Description: Costing: LIFOFilimonov Inc. has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostUnits Sold at Retail180 units e $10 - $1,800200 units e s14 - $2,800June 1Beginning inventor

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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