On March 31, Ireland Peat Company needs to estimate its ending inventory for preparation of its first quarter’s financial statements. The following information is available:

BIVETIECU: Vig AMIGA). ase botssssteanicuzsbagassoSBi5 tis Oto a ccivssjassa dassctvaaaos avvadarsiaenecssordasessdescsseséovssnt $30,000 PUGCHASES (TCL). crarsconserasnassecosoccensceoxseveees Esvasees unas rash aseesstawsterissiiaer dye secates asstasasd pease easteowee 40,000 SALI OC a acessaasascenscacsssgecdssssssenss stsssncstsrasgstossttoadssico%pssas sca qzenscnscstoneag oeossasndsvspes ieiaianvetssvissees 85,000 A study of past income statements indicates that a gross profit percentage of 25% of net sales is appropriate.

Required: Compute the cost of goods sold and the ending inventory.

 TYK-1