Inventory Costing: Average Cost

Filimonov Inc. has the following information related to purchases and sales of one of its inventory items:

Date

Description

June $1$ Beginning Inventory

$9$ Purchase $1$

$14$ Sale $1$

$22$ Purchase $2$

$29$ Sale $2$

Units Purchased at Cost

$150$ units @$$10=$$$1,500$

$200$ units @ $$12=$$$2,400$

$250$ units @ $$14=$$$3,500$

$226$ 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 to $4$ decimal places and al other numbers to the nearest dollar.$)$

Cost of goods sold

Cost of ending

inventory