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Assume the following data with regard to inventory for Vegan Company: Aug
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.
Expert Solution
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.
| Date | Units | Unit Cost | Total |
| August 1 | 40 | 10 | 400 |
| August 8 | 50 | 11 | 550 |
| August 22 | 35 | 12 | 420 |
| Total | 125 | 10.96 | 1,370 |
| Ending Inventory | 55 |
| Unit Cost | 10.96 |
| Cost of Ending Inventory | 602.80 |
| Units Sold | 70 |
| Unit Cost | 10.96 |
| Cost of Goods Sold | 767.20 |
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