Refer to the purchase history in Figure 6-3. The bookkeeper said he was using the average cost method. He calculated the average by adding the seven cost per unit amounts and dividing by 7 to get an average cost per unit of $24.76 (rounded). He then multiplied this average unit cost by the 158,100 units sold during the year to get a cost of goods sold of $3,914,556. Is this the correct way to apply the average cost method? If not, what is the correct answer for cost of goods sold expense for the year?