Question: Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 480 units that cost $65 each. During the month,

Chess Top uses the periodic inventory system. For the current month, the beginning inventory

consisted of 480 units that cost $65 each. During the month, the company made two purchases:

720 un

its at $68 each and 360 units at $70 each. Chess Top also sold 1,200 units during the

month. Using the average cost method, what is the amount of ending inventory and the cost of good sold

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