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
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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
Units Purchased at Cost
200 units @ $10-$2,000
June 1 Beginning Inventory
9 Purchase 1
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: Ro per-unit calculations to two decimal places.)
Cost of goods sold
7,450 ✓
Cost of ending inventory.
250 units@ $14 = $3,500
1,350 X
400 units @ $25
225 units @ $25
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