Inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales...
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Inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Units Purchased at Cost 150 units $10 $1,500 200 units @ $12 = $2,400 Date Description Units Sold at Retail une 1 Beginning Inventory 9 Purchase 1 14 Sale 1 22 Purchase 2 29 Sale 2 300 units@ $25 250 units @ $14 = $3,500 226 units@ $25 Assume that Filimonov uses a perpetual inventory system Calculate the cost of goods sold and the cost of ending inventory using the average cost method. (Note: Round per-unit calculations to two decimal places.) Cost of goods sold Cost of ending inventory$
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