Information is provided for Olds Ltd. below.

Required:
Calculate cost of goods sold and ending inventory for Olds Ltd. using the average cost and FIFO cost formulas.

Transcribed Image Text:

Date December 31, 2013 Purchases Sales Balance 5,500 units @ $5.50 January 5, 2014 4,400 units @ $6 January 8, 2014 3,100 units @ $11 January 15, 2014 5,400 units @ $6.50 January 20, 2014 6,500 units @$12 January 22, 2014 January 29, 2014 5,000 units @ $6.75 4,200 units @$12.50 January 31, 2014 6,500 units @ $