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Cornerstone Exercise 6-32 Inventory Costing Methods: Periodic Average Cost (Appendix 6B) Filimonov Inc. has the following information related to purchases and sales of one of

Cornerstone Exercise 6-32 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 Units Sold at Retail
June 1 Beginning Inventory 200 units @ $10 = $2,000
9 Purchase 1 300 units @ $12 = $3,600
14 Sale 1 400 units @ $25
22 Purchase 2 250 units @ $14 = $3,500
29 Sale 2 225 units @ $25

Assume that the company 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

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