Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost 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 9 Purchase 1 150 units $10 - $1,500 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units $14 = $3,500 29 Sale 2 212 units @ $25 Assume that Filimonov 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 620,980 x Cost of ending inventory $ 118,976 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 allocated between ending inventory and cost of goods sold, based on a weighted average cost of the goods available for sale (cost of goods available for sale units available for sale) Step 3: Repeat the first two steps for all inventory transactions during the period