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 @ $9 = $1,350 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 Inc. uses a perpetual 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 $
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 @ $9 = $1,350 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 Inc. uses a perpetual 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 $
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.24MCE
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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 | 150 units @ $9 = $1,350 | ||
| 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 Inc. uses a perpetual 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 | $ |
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