The following information is available for Yancey Company: 
Assume that Yancey uses a periodic inventory system and that there are 700 units left at the end of the month.
Instructions
Compute each of the following under the average-cost method:
(a) Cost of ending inventory.
(b) Cost of goods sold.
Definitions:
Government Policies
Strategies and decisions made by governmental bodies to govern social, economic, and environmental matters affecting the nation or region.
Money Supply
The cumulative total of all money assets within an economy at a particular point in time.
Constant Rate
A fixed rate of change, meaning something increases or decreases at a steady and unvarying speed or value over time.
Rational Expectations
The economic theory that individuals make decisions based on their rational outlook, available information, and past experiences.
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