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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
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		240 units @ $25

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. (Use four decimal places for per unit calculations and round all other numbers to the nearest dollar.)

Cost of goods sold	$
Cost of ending inventory	$

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797088

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