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.
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.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 23CE: Inventory Costing: LIFO Refer to the information for Filimonov Inc. and assume that the company uses...
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![Inventory Costing: LIFO
Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:
Date
Description
Units Sold at Retail
Units Purchased at Cost
150 units @ $12-$1,800
June 1
220 units @ $17 - $3,740
9
Beginning inventory
Purchase 1
Sale 1
Purchase 2
Sale 2
14
22
29
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.
X
Open spreadsheet
270 units @ $25
240 units @ $19 - $4,560
Required:
Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
Cost of goods sold
Cost of ending inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc9fc7c00-4031-4360-b830-dbba4cd4305a%2Ffaa268ea-21f1-4b58-a95b-f7d0a637c9ab%2Fv4wer5v_processed.jpeg&w=3840&q=75)
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 Sold at Retail
Units Purchased at Cost
150 units @ $12-$1,800
June 1
220 units @ $17 - $3,740
9
Beginning inventory
Purchase 1
Sale 1
Purchase 2
Sale 2
14
22
29
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.
X
Open spreadsheet
270 units @ $25
240 units @ $19 - $4,560
Required:
Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
Cost of goods sold
Cost of ending inventory
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