Little Toys Inc. (LT) is a retailer of kids toys. The company uses a periodic inventory system and Average costing for inventory

calculation. Jan 1, 2021 it had 10,000 units of inventory with a total cost of $40,000, during the years it purchased 30,000 units for

$90,000. On Dec 31, 2021, LT holds 5,000 units as Ending Inventory.

Question 7 2 Points Little Toys Inc. (LT) is a retailer of kids toys. The company uses a periodic inventory system and Average costing for inventory calculation. Jan 1, 2021 It had 10,000 units of inventory with a total cost of $40,000, during the years it purchased 30,000 units for $90,000. On Dec 31, 2021, LT holds 5,000 units as Ending Inventory. Based on the average Inventory costing method: The value of 5,000 Inventory as of Dec 31, 2021 is Blank 1 (Do not use dollar sign, put commas after every thousand dollars for example fifty thousand, enter it as 50,000 and hundred thousand as 100,000) The value of Cost of goods sold for 35,000 units sold during the year Blank 2 (Do not use dollar sign, put commas after every thousand dollars for example fifty thousand, enter it as 50,000 and hundred thousand as 100,000) Blank 1 Add your answer Blank 2 Add your answer Additional content