Chapter 6: Analyzing and Reporting Inventory and Cost of Goods Sold E6-2B. Average cost (Learning Objective 2) 10-15 min. Refer to the data for E6-1B. However, instead of the FIFO method, assume Tee Time Inc. uses the moving average cost method. Requirements 1. Prepare a perpetual inventory record for the putters on the moving average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 2. Journalize Tee Time Inc.'s inventory transactions using the perpetual moving average cost method. Assume all purchases and sales are on account. E6-3B. FIFO versus moving average cost (Learning Objective 2) 10-15 min. Assume The Bike Hub Inc. bought and sold a line of comfort bikes during July as follows: Date Item