9 Cornerstone Exercise 6-31 (Algorithmic) Inventory Costing Methods: Periodic LIFO (Appendix 6B) Filimonov Inc. has...
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9 Cornerstone Exercise 6-31 (Algorithmic) Inventory Costing Methods: Periodic LIFO (Appendix 6B) 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 @ $5 = $750 Purchase 1 200 units $12 - $2,400 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. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO Inventory costing method. Cost of goods sold 14
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