Chapter 6 Homework Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Bordeaux Company has the following information related to purchases and sales of one of its inventory terms: 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 2 240 units $25 Assume that Bordeaux uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. (Note: Round per-unit calculations and final answers to two decimal places.) Cost of goods sold Cost of ending inventory 811 X Feedback 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 immediately prior to the sale transaction Step 2. Apply the inventory costing method, recognizing that under average cost, the cost of goods available for sale is atloc of goods sold, based on a weighted average cost of the goods available for sale (cost of goods available for sale units avail Step 3: Repeat the first two steps for all inventory transactions during the period. Check My Work 2 more Check My Work uses remaining ignment Score: 89.36% A Email instructor Save and Exit Submit Assignment for Grading