Cheyenne corp. uses a perpetual inventory system. data for product e2-d2 includes the following purchases. date number of units unit price may 7 40 $17 july 28 30 22 on june 1, cheyenne. sold 20 units, and on august 27, 30 more units. calculate the average cost of the goods sold in the sale.

The COGS for the June 1st sale is $17 per unit, and the COGS for the August 27th sale is $20 per unit.

Explanation:

Date       Number of units     Unit balance      Unit cost      Average cost

May 7                40                      40                      $17                $17

June 1               (20)                     20                                           $17

July 28              30                      50                     $22               $20

August 27        (30)                     20                                           $20

The average COGS after the purchase on July 28 = [(20 x $17) + (30 x $22)] / 50 = ($340 + $660) / 50 = $20

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