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

Transcribed Image Text:

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 160 units @ $14 = $2,240 9 Purchase 1 230 units @ $17 = $3,910 14 Sale 1 340 units @ $25 22 Purchase 2 270 units @ $19 = $5,130 29 Sale 2 225 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. X Open spreadsheet Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO 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 160 units @ $14 = $2,240 9 Purchase 1 230 units @ $17 = $3,910 14 Sale 1 340 units @ $25 22 Purchase 2 270 units @ $19 = $5,130 29 Sale 2 225 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. X Open spreadsheet Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold Cost of ending inventory $