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Homework answers / question archive / Assume the following data with regard to inventory for Vegan Company:   Aug

Assume the following data with regard to inventory for Vegan Company:   Aug

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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  
31 Inventory 55 units  

Calculate the cost of ending inventory and cost of goods sold according to the average-cost method under the perpetual inventory system. In your calculations round average unit cost to the nearest cent and round all other calculations and your final answers to the nearest dollar.

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