Cornerstone Exercise 6-27 (Algorithmic) (Appendix) Inventory Costing Methods: Periodic FIFO

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 @ $10 = $1,500
9			Purchase 1	200 units @ $12 = $2,400
14			Sale 1		300 units @ $25
22			Purchase 2	250 units @ $19 = $4,750
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 FIFO inventory costing method.

Cost of goods sold	$
Cost of ending inventory	$

Cornerstone Exercise 6-28 (Algorithmic) (Appendix) Inventory Costing Methods: Periodic Weighted 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	150 units @ $6 = $900
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	$