Indigo Inc. has provided you with the following information. This company purchases its inventory from a supplier for cash and has only cash sales. Indigo uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product Date Units Unit Price Apr. Unit Cost $83 90 1 6 8 Explanation Beginning inventory Purchases Sales Purchases Sales Purchases $116 50 110 (130) 120 (120) 20 15 73 20 98 27 58 Apr1 NO Entry 0 No Entry 0 6. Inventory 9900 Cash 9900 8 Cash 15080 Sales 15080 (To record sales) Cost of Goods Sold 8 Inventory (To record cost of goods sold) Inventory 15 8760 Cash 8760 20 Cash 11760 Sales 11760 (To record sales) Cost of Goods Sold 20 Inventory (To record the inventory sold) Inventory 1160 27 1160