Assume the following data with regard to inventory for Vegan Company: Aug....
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Accounting
Assume the following data with regard to inventory for Vegan Company:
| Aug. 1 | Inventory | 40 | units @ $10 per unit | $ 400 | ||
| 8 | Purchase | 50 | units @ $11 per unit | 550 | ||
| 22 | Purchase | 35 | units @ $12 per unit | 420 | ||
| Goods available for sale | 125 | units | $1,370 | |||
| Aug. 15 | Sale | 45 | units | |||
| 28 | Sale | 25 | units | |||
| Inventory, Aug. 31 | 55 | units | ||||
Assuming that the inventory consists of 30 units from the August 8 purchase and 25 units from the purchase of August 22, calculate the cost of ending inventory and cost of goods sold.
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