Cheyenne Corp. markets CDs of numerous performing artists. At the beginning of March, Cheyenne Corp. had in beginning inventory 2,390 CDs with a unit cost of $7. During March, Cheyenne Corp. made the following purchases of CDs.
| March 5 |
2,030 |
@ |
$8 |
March 21 |
5,060 |
@ |
$10 |
| March 13 |
3,260 |
@ |
$9 |
March 26 |
1,800 |
@ |
$11 |
During March 11,470 units were sold. Cheyenne Corp. uses a periodic inventory system.
(a) Determine the cost of goods available for sale.
(b) Calculate Average Cost. (Round answer to 3 decimal places, e.g. 5.125.)