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:
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Fair Competition
A condition in the marketplace where businesses operate on a level playing field, with regulations in place to ensure no undue advantages exist.
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