Battery Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:

Calculate the cost of goods sold and ending inventory using
(a) FIFO and
(b) Average cost. (For average cost, use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.)

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Explanation Units Unit Cost Total Cost Balance in Units 250 750 450 1,350 1,025 Date Aug. 2 Purchases $70 $17,500 3 Purchases 10 Sales 15 Purchases 25 Sales 250 500 (300) 900 (325) 10050,000 120 108,000