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Please help, Periodic average cost method Cornerstone Exercise 6-32 (Algorithmic) Inventory Costing Methods: Periodic Average Cost (Appendix 6B) Filimonov Inc. has the following information related
Please help, Periodic average cost method
Cornerstone Exercise 6-32 (Algorithmic) 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 150 units$14$2,100 200 units$12$2,400 Units Sold at Retail June 1 Beginning Inventory 9 Purchase 1 14 Sale 1 22 Purchase 2 29 Sale 2 300 units $25 250 units@$14 $3,500 225 units @ $25 Assume that Filimonov 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 6,998.25 X 999.75 X Feedback Chack 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 for the period Step 2: Apply the Inventory costing method recognizing that under average cost, the cost or goods available for sale is allocated between ending inventory and cost of goods sold based on the average cost ot the goods available for sale (cost of goods available for sale units available for sale)
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