Question: Periodic Average Cost Method. My 2 misses, and given example are provided. Please help Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost (Appendix

Periodic Average Cost Method. My 2 misses, and given example are provided. Please help

Periodic Average Cost Method. My 2 misses, and given example are provided.

Please help Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost

(Appendix 68) Filimonov Inc. has the following information related to purchases and

Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost (Appendix 68) Filimonov Inc. has the following information related to purchases and sales of one of its inventory items Date Units Purchased at Cost 50 units$14 $2,100 200 units@ $12 s2,400 Units Sold at Retail June 1 Beginning Invenitory 9 Purchase 14 Sale 1 22 Purchase 2 29 Sale 2 300 units e $25 250 units$14-$3,500 225 units$25 Assurne that Filmon w uses a periodic inventory ystern. Required Caloulate the cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four deaimal places for per-unit calcullations and round all other numbers to the nearest dollar ost of goods sols93 6,998.2 X Cost of ending inventory 9.73X For cost of goods sold and cost of ending inventory using the average cost method, apply the tollowing steps Slep 1 Caculale the cost of goods available for sale for the period Slep 2 Appty the Inventory cosing menod recognizing that under average cost, the cost cr goods avaitable for sae is alocaled between ending inventory and cost or goods sold based on the average cost of the goods avaltable for sale (cost of goods avalilablie for sale+units avalable for sale) 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 150 units $14$2,100 200 units $12 $2,400 Units Sold at Retail June 1 Beginning Inventory 9 Purchase 1 14 Sale 1 22 Purchase 2 29 Sale 2 300 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 6,964 X 1,035.71 X Feedback Check My Work For cost or goods sold and cost of ending inventory using the average cost method, apply the folloing steps: Step 1: Calculate the cost of goods available for sale for the peniod. 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 the average cost of the goods available sale (cost of goods available for sale+ units available for sale) CE 6-32 Weighted Average Cost per Unit Cost of Goods Available for Sale Units Available for Sale $9,100 750 $12.1333lunit The cost of goods available for sale ($9,100) is allocated between inventory and cost of goods sold using the average cost of the inventory as follows: Cost of Goods Sold Ending Inventory 625 unitsx $12.1333 $7,583 125 units x $12.1333 $1,517

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