14 Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost (Appendix 68) 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 o $6 - $900 9 Purchase 1 200 units @ $12 - $2,400 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 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 29