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:

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 Units Purchased at Cost 150 units$13 $1,950 200 units $12- $2,400 Description Units Sold at Retail une 1 Beginning Inventory Purchase 1 14 Sale 1 22 Purchase 2 29 Sale2 300 units@$25 250 units $14$3,500 225 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 1,422.85 X 7,997.11 X