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Martinez Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at...

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Accounting

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Martinez Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1 , of 490 bookcases at a cost of $126 each. During June, the company had the following purchases and sales of bookcases: (a) Determine the cost of goods sold and the cost of the ending inventory using the average cost formula. (Use unrounded numbers for average cost calculations. Round answers to 2 decimal places. e.g 5.52.) Cost of goods sold $ Cost of the ending inventory $

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