i need the answer quickly eBooklylakatherinephelanJohanna Mondragon-OlveraInventory Costing: Average CostFilimonov Inc. has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostUnits Sold at RetailJune 1 Beginning Inventory150 units @ $10 = $1,5009 Purchase 1200 units @ $12 = $2,40014 Sale 122 Purchase 229 Sale 2Assume that Filimonov uses a perpetual inventory system.300 units @ $25250 units @ $14 = $3,500232 units @ $25Required:<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 numbersto the nearest dollar.)Cost of goods soldCost of ending inventory

Name: i need the answer quickly eBooklylakatherinephelanJohanna Mondragon-Ol
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Description: i need the answer quickly eBooklylakatherinephelanJohanna Mondragon-OlveraInventory Costing: Average CostFilimonov Inc. has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostU

Inventory Valuation For calculating the cost of goods sold and ending inventory in costing we use…

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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: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $10 = $1,500 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 232 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

Inventory Costing: Average Cost 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 150 units @ $10 = $1,500 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 232 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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i need the answer quickly

eBook
lylakatherinephelan
Johanna Mondragon-Olvera
Inventory Costing: Average Cost
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
150 units @ $10 = $1,500
9 Purchase 1
200 units @ $12 = $2,400
14 Sale 1
22 Purchase 2
29 Sale 2
Assume that Filimonov uses a perpetual inventory system.
300 units @ $25
250 units @ $14 = $3,500
232 units @ $25
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

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