inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Sold at Retail June 1 Beginning Inventory 9 Purchase 11 Units Purchased at Cost 200 units@ $10-$2,000 300 units $12-$3,600 14 Sale 1 22 Purchase 2 29 Sale 2 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 two dec Cost of goods sold 7,450 ✔ Cost of ending inventory 1,350 X 250 units @ $14- $3,500 400 units @ $25 225 units @ $25

inventory Costing: Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Sold at Retail June 1 Beginning Inventory 9 Purchase 11 Units Purchased at Cost 200 units@ $10-$2,000 300 units $12-$3,600 14 Sale 1 22 Purchase 2 29 Sale 2 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 two dec Cost of goods sold 7,450 ✔ Cost of ending inventory 1,350 X 250 units @ $14- $3,500 400 units @ $25 225 units @ $25

Name: Rakesh Inventory Costing: Average CostFilimonov Inc. has the following
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Description: Rakesh Inventory Costing: Average CostFilimonov Inc. has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Sold at RetailUnits Purchased at Cost200 units @ $10-$2,000June 1 Beginning Inventory

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...

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