Sheffield Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $127 each. During June, the company had the following purchases and sales of bookcases:

PRINTER VERSION 4 BACK NI Exercise 6-5 (Part Level Submission) Sheffield Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $127 each. During June, the company had the following purchases and sales of bookcases: Purchases Units Unit cost 1,220 $129 Sales Units Unit price Date June 6 10 960 $180 14 1,800 130 16 1,550 185 26 980 131 X Your answer is incorrect. Try again. Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers for average cost calculations. Round answers to 2 decimal places. e.g 5.52.) Cost of goods sold Cost of the ending inventory