Cornerstone Exercise 6-23 (Algorithmic) 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 @ $10 = $1,500
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.