(Appendix 6B) Inventory Costing Methods: Periodic Average Cost Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Assuilie hiat rililiviov uses a peiluuli iliveilul y systeli. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: 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 $$ Haywood Inc. reported the following information for Year 1: A physical count of inventory at the end of the year showed that ending inventory was actually $65,000. Required: 1. What is the correct cost of goods sold and gross profit for Year 1 ? 2. Assuming the error was not corrected, what is the effect on the balance sheet at Decembe 31, Year 1 ? At December 31, Year 2
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