At the end of the first quarter of $2023$ Ammex Corporation had $21$ units of gearboxes in its ending inventory. Facts related to its beginning inventory and purchases are as follows:

Beginning Inventory $10$ units at $$60$

First purchase $,20$ units at $$65$

Second purchase $30$ units at $$70$

Third purchase $,40$ units $$75$

Using Average cost COMPUTE THE ENDING INVENTORY AND COST OF GOODS SOLD

Inventory errors take how many years to self$-$correct?

Inventory errors affect which $2$ financial statements?

Which inventory is made up of the oldest purchases?

Which inventory assigns the most recent prices to its ending inventory?

What is the formula to figure Cost of goods sold?

Which inventory is for high$-$end merchandise?

When is Cost of goods sold used?