Average Based on Dynamic Date Criteria

Averageifs.xlsx

Greetings all

I have a workbook where I am trying to get an average cost based on date range and item number. The attached workbook has a column named Average Cost which shows the desired output and it has what I tried to enter as the syntax for my AVERAGEIFS function that results in an error. I do it for a report using a macro but I just can't seem to get my head around the solution as a spreadsheet formula.

I would appreciate any help in pointing me in the right direction.