Chapter 6 Homework > (Appendix 6B) Inventory Costing Methods: Periodic Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Units Sold at Retail Units Purchased at Cost 150 units @ $14 = $2,100 200 units @ $12 = $2,400 Date June 1 Beginning Inventory 9 Purchase 1 14 Sale 1 22 Purchase 2 Sale 2 29 Description 250 units @ $14 = $3,500 Assume that Filimonov uses a periodic inventory system. Feedback 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 7,019 X 300 units @ $25 981 X 225 units @ $25 Check My Work For cost of goods sold and cost of ending inventory using the average cost method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period. Step 2: Apply the Inventory costing method recognizing that under average cost, the cost of goods available for sale is allocated between ending inventory and cost of goods sold based on the average cost of the goods available for sale (cost

(Appendix 68) Inventory Costing Methods: Periodic Average Cost Flimonov Inc. has the following information related to purchases and sales of one of its inventory items: 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.) Foodback Thock My Work For cost of goods sold and cost of ending inventory using the average cost method, apply the following steps: Step 1: Calculate the cost of goods available for sale for the period: Step 2: Apply the Inventory costing method recognizing that under average cost, the cost of goods avaliable for sale is allomater hatween ending inventory and cost of goods sold based on the average cost of the goods avalable for sale (cost