Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost (Appendix 6B)

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 @ $8 = $1,200
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