Question: A company just starting business made the following four inventory purchases in June: June 1 10 units @ $30 each = $ 300 June 10 20 units @ $ 40 each = $ 800 June 15 20 units @ $50 each = $1,000 June 28 15 units @ $ 60 each = $ 900 A physical count of merchandise inventory on June 30 reveals that there are 20 units on hand. Required: Using the LIFO method, what is the value of ending inventory on June 30 Cost of Goods Sold on June 30 -

A company's inventory records report the following in November of the current year: Beginning November 1 Purchase November 2 Purchase November 12 On November 8, it sold 12 units for $49 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice O O O $342 $248 $264 $378 5 units @ $19 10 units @ $21 6 units @ $23 $443

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 @ $5 = $750 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 uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) Cost of goods sold Cost of ending inventory

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