Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of...
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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 Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $10 = $1,500 9 Purchase 1 200 units @ $12 - $2,400 14 Sale 1 300 units @ $25 250 units @ $14 = $3,500 22 Purchase 2 29 Sale 2 225 units @ $25 Assume that Filimonov uses a perpetual inventory system. 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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