Radwan SpA uses a perpetual inventory system. The following information shows inventory transactions in the second quarter of 2009 for its weight training machine.

Compute the amounts for ending inventory and cost of goods sold for the second quarter of 2009 using both FIFO and average cost methods and record all journal entries for these transactions.

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Date 1 March 12 March Transaction No. of Units Unit Cost Sales Price Beginning inventories 55 $800 Purchase 60 776 15 April Sale 80 1100 20 April Purchase 70 750 25 April Sale 60 1050 5 May Sale 10 1070 18 May Purchase 200 765