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 1 240 units $13= $3,120 9 200 units $16= $3,200 14 22 Purchase 2 29 Sale 2 215 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 X Beginning inventory Purchase 1 Sale 1 Open.spreadsheet 230 units $18-$4,140 Cost of goods sold Cost of ending inventory Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. 250 units @ $25 00

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 1 240 units $13= $3,120 9 200 units $16= $3,200 14 22 Purchase 2 29 Sale 2 215 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 X Beginning inventory Purchase 1 Sale 1 Open.spreadsheet 230 units $18-$4,140 Cost of goods sold Cost of ending inventory Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. 250 units @ $25 00

Name: 3 Inventory Costing: LIFOFilimonov Inc. has the following information
Uploaded: 2024-03-20T06:32:37.000Z
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Description: 3 Inventory Costing: LIFOFilimonov Inc. has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostUnits Sold at Retail240 units $13 = $3,120200 units@ $16- $3,200June 191422XBegin

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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