80.2K
Verified Solution
Link Copied!
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 | 150 units @ $11 = $1,650 | |
| 9 | | | Purchase 1 | 200 units @ $12 = $2,400 | |
| 14 | | | Sale 1 | | 300 units @ $25 |
| 22 | | | Purchase 2 | 250 units @ $14 = $3,500 | |
| 29 | | | Sale 2 | | 225 units @ $25 |
Assume that Filimonov uses a periodic inventory system.
Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
Answer & Explanation
Solved by verified expert
