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 180 units @ $11 = $1,980 9 Purchase 1 250 units @ $15 = $3,750 14 Sale 1 340 units @ $25 22 Purchase 2 250 units @ $17 = $4,250 29 Sale 2 235 units @ $25 Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Required: Calculate the cost of goods sold and the cost of
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