Inventory Costing: Average Cost The Thunderous Dragon Company uses a perpetual inventory system. The following data are available for its first month of operations. Date: Description Unit Qty. Price Per Unit. May 2 Purchased 220 units $7 May 3 Purchased 350 units $8 May 10 Sold 275 units $11 May 15 Purchased 390 units $9 May 25 Sold 330 units $13 Calculate the cost of Goods Sold (COGS) under (b.) Average Cost Purchases Qty Unit Cost Total Cost Cost of Goods Sold Qty Unit Cost Total Cost Inventory on Hand Qty Unit Cost Total Cost Date Ending