Compute ending merchandise inventory and cost of goods sold for Cambridge using the weighted-average inventory costing method.
The periodic inventory records of Cambridge Prosthetics indicate the following for the month of July:
Jul. 1 Beginning merchandise inventory.....18 units @ $ 55 each
8 Purchase..................15 units @ $ 60 each
15 Purchase..................12 units @ $ 61 each
26 Purchase1.................. 1 units @ $ 62 each
At July 31, Cambridge counts nine units of merchandise inventory on hand.