Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Description. Units Sold at Retail Date: June 1 9 14 22 29 Beginning inventory Purchase 1 Sale 1 Purchase 2 Units Purchased at Cost 150 units $12-$1,800 220 units @ $17-$3,740 240 units $19-$4,560 Cost of goods sold Cost of ending inventory 270 units @ $25 Sale 2 235 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 the question below. Open spreadsheet Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.