Cornerstone Exercise 6-24 (Algorithmic) Tnventory 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 150 units $10-$1,500 9 Purchase 1 200 units 512 - $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units 514 = $3,500 29 Sale 2 225 units $25 Assume that Vihmonov 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 pet-unit calculations and final answers to two decimal places.) Cost of goods sold 6,386.00 X Cost of ending inventory 1,014.00 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 avtale for sale indely prior to the sale transaction Step 2 Apply the inventory costing method, recognig that under average cost the cost of goods available for sale is located between eading inventory and cost of goods so, based on a weighed average cost of the goods available for sale cost of goods available for sale - units available for sale Sama seseo steps for all inventory transaction during the period