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Cornerstone Exercise 6-24 Inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:
Cornerstone Exercise 6-24 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 200 units @ $10-$2,000 9 Purchase 1 300 units @$12 - $3,600 14 Sale 1 22 Purchase 2 400 units $25 250 units $14 = $3,500 29 Sale 21 225 units $25 Assume that the company uses a perpetual 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
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