Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: 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 9 Purchase 1 150 units @ $10 - $1,500 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 222 units @ $25 Assume that Filimonov uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. (Note: Round per-unit calculations and final answers to two decimal places.) Cost of goods sold 6,508 Cost of ending inventory 850 X Feedback Check My Work For cost of goods sold and cost of ending inventory using the average cost method, apply the following steps: Step 1: Calculate the cost of goods available for sale immediately prior to the sale transaction. 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 a weighte goods available for sale - units available for sale). Step 3. Repeat the first two steps for all inventory transactions during the period Check My Work 1 more Check My Work uses remaining