Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assume the following data with regard to inventory for Vegan Company: Aug. 1 Inventory 40 units @ $10 per unit $ 400 8 Purchase 50
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started