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 @ $25|
Assume that Filimonov Inc. uses a perpetual inventory system.
Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
|Cost of goods sold||$|
|Cost of ending inventory||$|