Refer to PE 7-25. Compute (1) cost of goods sold and (2) ending inventory making an average cost assumption. The company uses a perpetual inventory system.
PE 7-25
The company reported the following inventory data for the year:

Sales occurred as follows:
Units Sold
January 16 .......................................................................... 200
July 23 .............................................................................. 600
November 1 ........................................................................ 1,300
Total ................................................................................. 2,100

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Cost per Units Unit $17.50 18.00 Beginning inventory Purchases: 300 July 15 October 11 900 1,200 18.25 Units remaining at year-end: 300