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I only need to find the average cost per unit under COGS. PLEASE SHOW WORK Tipton Processing maintains its internal inventory records using average cost

image text in transcribedimage text in transcribedI only need to find the average cost per unit under COGS. PLEASE SHOW WORK

Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand-94,000 units; cost $4.00 each. Feb. 14 Purchased 106,000 units for $5.00 each. Mar. 5 Sold 164,000 units for $14.00 each. Aug. 27 Purchased 64,000 units for $6.00 each. Sep. 12 Sold 74,000 units for $14.00 each. Dec. 31 Inventory on hand26,000 units. Required: 1. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inventory system. Determine the amount Tipton would calculate internally for ending inventory and cost of goods sold using average cost under a perpetual inventory system. (Round "Cost per Unit" to 2 decimal places.) Inventory on hand Cost of Goods Sold | Inventory Balance Perpetual Average Cost of | # of units in Hof unite Cost per unit Inventory Value # of units Avg.Cost I sold per unit Cost per Goods Sold Ending inventory unit $ Beginning Inventory Purchase - February 14 94,000 106,000 $ $ 4.00 5.00 376,000 530,000 $ $ ending inventory 94,000 106,000 200,000 36,000 64,000 100,000 26,000 4.00 $ 5.00 $ $ 4.53 $ 6.00 $ | $ 376,000 530,000 906,000 163,080 384,000 547,080 Sale - March 5 164,000 $ 4.53 $ 742,920 $ $ Purchase - August 27 64,000 $ 6.00 384,000 Sale - September 12 74,000 Total 264,000 $ 1,290,000 $ 742,920 26,000

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