Filimonov Inc. has the following information related to purchases and sales of one of its...
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Accounting
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.
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