Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (appendix 6b) inventory costing methods: periodic

(Appendix 6B) Inventory Costing Methods: Periodic LIFO Filimonov Inc. has the following information related to...

90.2K

Verified Solution

Question

Accounting

image
(Appendix 6B) Inventory Costing Methods: Periodic 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 @ $7 = $1,050 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. 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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

A stock market comprises 4600 shares of stock A and 2000 shares of stock B. Assume...

Finance
1.2K views

REQUIRED RATE OF RETURN Suppose rRF = 8%, rM = 13%, and bi = 1.2. What is ri,...

Statistics
1.2K views

A geological research institute tracks temperatures in various locations on the globe. To find out whether...

Mechanical Engineering
1.2K views

A gas turbine used for power generation is producing 57MW of power. The turbine’s exhaust temperature...

Basic Math
1.2K views

2. Use A = Pe^rt to solve the following problem.A sum of $14,000 is invested...

Algebra
1.2K views

Simplify Do not use a calculator or round to a decimal 2 8 6

Accounting
1.2K views

Angela and Jeremy are a married Canadian couple, with a 22-year old daughter Fiona and...

Accounting
1.2K views

At the beginning of its fiscal year, Lakeside Inc. leased office space to LTT Corporation...

Accounting
1.2K views

Universal Foods issued 10% bonds, dated January 1, with a face amount of $200 million...

Accounting
1.2K views

The following information is provided for Cullumber Company and Pharoah Corporation. in $ millions) Cullumber...

Accounting
1.2K views

The discount on 1000 due in one month is 100. X is the nominal rate...

Accounting
1.2K views

Selected account information (in $ millions) from Target Corporations 2011 annual report follows. While the...