A company had the following transactions pertaining to Product A, there was no beginning inventory balance. Date Activity Units acquired at cost Units Sold May 1 Purchase 380 units@$ 15 May 5 Purchase 270 units @ $17 May 10 Sale 400 units May 20 Purchase 300 units@ $22 May 25 Sale 400 units
a. Prepare calculations showing the amounts that should be assigned to the ending inventory and to total cost of goods sold assuming an average cost basis.