Refer to the information for Filimonov Inc. given earlier (see Cornerstone Exercise 6-24). Assume that Filimonov uses

Question:

Refer to the information for Filimonov Inc. given earlier (see Cornerstone Exercise 6-24). 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. (Use four decimal places for per unit calculations and round all other numbers to the nearest dollar.)

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...