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Akin Design Co. uses a perpetual inventory system. It began operations on July 1. Assume that the Company uses the Average Cost method. $ LA Here is an optional spreadsheet that can be used to prepare your calculations. Your instructor will not review the spreadsheet. Avg_Cost__ACCT215_PT Studies_FE.xlsx Date July 1 July 3 July 4 July 10 July 26 July 28 July 31 Purchases Sales Units Unit Cost Units Unit Price 200 $ 4.00 50 $ 5.50 40 $ 5.75 100 $ 6.00 170 $ 10.00 REQUIRED: Please answer the following questions related to the information provided for the month's transactions. Round your final answers to the nearest dollar. 60 $ 11.00 What is the Cost of Goods Sold for the month using the Average Cost method? (1 mark) 1 80 $ 11.25

Akin Design Co. uses a perpetual inventory system. It began operations on July 1. Assume that the Company uses the Average Cost method. Here is an optional spreadsheet that can be used to prepare your calculations. Your instructor will not review the spreadsheet. Avg_Cost__ACCT215_PT Studies_FE.xlsx REQUIRED: Please answer the following questions related to the information provided for the month's transactions. Round your final answers to the nearest dollar. What is the Cost of Goods Sold for the month using the Average Cost method? (1 mark) What is the Cost of Goods Sold for the month using the Average Cost method? (1 mark) $ A What is the ending inventory amount that would appear on the Company's Statement of Financial Position (Balance Sheet) using the Average Cost Method? (1 mark) $ A What is the journal entry that the Company would prepare on July 28 using the Average Cost Method? Assume this was a cash transaction. (1 mark) Dr. A Cr. A $ A What is the inventory value as at July 10 using the Average Cost Method? (1 mark) Inventory =$ A