Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Bordeaux Company has the following information related...
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Cornerstone Exercise 6-24 (Algorithmic) Inventory Costing: Average Cost Bordeaux Company 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 150 units @$10 $1,500 June 1 Beginning Inventory 9 Purchase 1 200 units@ $12 = $2,400 14 Sale 1 300 units @ $25 250 units $14 =$3,500 22 Purchase 2 221 units@ $25 29 Sale 2 Assume that Bordeaux 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 two decimal places.) Cost of goods sold X Cost of ending inventory X
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