ises the pe Instructions a. Determine the cost of goods sold and cost of ending inventory using average cost. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) b. When the company counted its inventory at the end of April, it counted only 49 fishing rods on hand. Record the journal entry, if any, the company should prepare to record this shortage. c. If the company had not discovered this shortage, identify what accounts would be overstated or understated and by what amount. Record transactions using perpetual FIFO; apply LCNRV.