View Policies Current Attempt in Progress Flounder Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Total Cost $8.760 14,630 June 1 12 15 16 23 27 Explanation Beginning inventory Purchases Sale Purchases Purchases Sales Unit Cost/Price $6 7 12 8 Units 1,460 2,090 (2,500) 4,110 1,420 (5.060) 32,880 12,780 9 15 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average cost per unit and answers to 2 decimal places, eg. 1.25) FIFO Average $ Cost of goods sold $ Cost of ending inventory S $ e Textbook and Media Attempts: 0 of 3 used Submit Answer Save for Later