Filimonov Inc. has the following information related to purchases and sales of one of its inventory...
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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 e $10 - $1,500 Purchase 1 200 units $12 - $2,400 14 Sale 1 300 units o $25 22 Purchase 2 250 units e $14 - $3,500 29 Sale 2 225 units o $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 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 e $10 - $1,500 Purchase 1 200 units $12 - $2,400 14 Sale 1 300 units o $25 22 Purchase 2 250 units e $14 - $3,500 29 Sale 2 225 units o $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
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Answer Cost of goods sold 6350 Cost of ending inventor... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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