Question: Using the average costing with a periodic inventory system to keep track of its inventory. It began August with 10,000,000 units that cost $0.23 each.

Using the average costing with a periodic inventory system to keep track of its inventory. It began August with 10,000,000 units that cost $0.23 each. It made the following purchases: August 3, 15,000,000 for $0.24 each; August 22, 12,000,000 for $0.26 each. At the end of August, 17,000,000 units remain in inventory. How much ending inventory should be reported on the balance sheet, COGS on the August income statement, and cost of goods available for sale during the month?

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