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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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
240 units $13 = $3,120
200 units@ $16- $3,200
June 1
9
14
22
X
Beginning inventory
Purchase 1
Sale 1
Purchase 2
Sale 2
29
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 t
Open.spreadsheet
230 units@ $18= $4,140
250 units@ $25
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.
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