Problem-
Assuming a perpetual inventory system is used, use the following information to calculate cost of goods sold on an average-cost basis.
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1
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Beginning inventory
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50 units @ $22
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9
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Purchases
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50 units @ $24
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17
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Sales
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25 units
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22
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Purchases
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75 units @ $27
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27
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Sales
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40 units
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Additional information-
This problem belongs to Accounting and calculates cost of goods sold on an average-cost basis.