Question:

A perpetual Inventory System is used by Black Hawk, Inc. The following transactions show beginning inventory, purchases and sales of CT-300, a cellular telephone for the month of May:

May 1: Balance on hand, 20 units, cost $50 each $1000

May 5: Sale, 10 units, sale price $80 each $ 800

May 6: Purchase, 20 units, cost $60 each $1200

May 21: Sale, 15 units, Sale Price $100 each $1500

Instruction:

Record beginning inventory, purchases, cost of goods sold, and running balance on an inventory subsidiary record using the Average Cost method.

Note: Kindly Provide a fully completed clear answer the one available in the Chegg account is neither understandable nor correct.