Exercise 6-8 Alternative cost flow assumptions-perpetual Inventory system LO2 excel CHECK FIGURES: 3. COGS a. $11,388 b. $11,484 Head Smart sells bicycle helmets for $130 in a large mall. Head Smart uses a perpetual inventory system and made purchases and sales in July as follows: July 1 Beginning inventory 21 units $46 July 3 Purchase 66 units @ $51 July 6 July 17 Purchase Sale 116 units $56 61 units July 23 Purchase July 31 Sale 62 units $56 152 units Sale 152 units Required 1. Calculate the total goods available for sale (in units and cost). 2. Calculate the number of units sold and units remaining in ending inventory. 3. Determine the share of the cost of goods available for sale calculated in Part I that should be assigned to ending inventory and to goods sold under: a. FIFO b. Moving weighted average