Current Attempt in Progress Flounder Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1 of 500 bookcases at a cost of $118 each. During June, the company had the following purchases and sales of bookcases: Purchases Sales Units Unit cost Units Unit price 6 1,220 $120 10 $196 14 1,740 121 1.520 201 1,010 122 Date June 1.000 26 (a) X Your answer is incorrect. 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.8 5.52.) 303955.97 Cost of goods sold $ Cost of the ending inventory $