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Cornerstone Exercise 6-31 Inventory Costing Methods: Periodic LIFO (Appendix 68) Filimonov Inc. has the following...

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Cornerstone Exercise 6-31 Inventory Costing Methods: Periodic LIFO (Appendix 68) Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LFO inventory costing method. Feecback F. Check My Work For cost of goods sold using the L.FF invontory costing method, apply the following siops: Step 1: Calculate the cost of goods availablo for sale for the period Step 2. Apply the Inventory costing method recognizing that under LIFO, the most recont purchases (newest costs) are alocaled to cost of goods sold: For cost of ending inventory using the LFO inventory costing method, apply the folowing steps: Step 1: cifculate the cost of goods avilatle for sale far the period. Step 2 Apply the Inventory costing mothod recognizing that undor UFO, the eadiest purchases (oldest costs) are allocnted to ending inventory

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