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Ayayai Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 510 bookcases at a cost of $130
Ayayai Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 510 bookcases at a cost of $130 each. During June, the company had the following purchases and sales of bookcases: Sales Date Purchases Units Unit cost 1,240 $132 Units Unit price June 6 10 960 $191 14 1,790 133 16 1,680 196 26 1.020 134 (a) Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers for average cost calculations. Round answers to 2 decimal places. e.g 5.52.) Cost of goods sold $ Cost of the ending inventory $
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