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LIFO Method: Periodic Inventory System Assume the following data with regard to inventory for Vegan Company: Aug. 1 Inventory 40 units @ $10 per unit

LIFO Method: Periodic Inventory System

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

Calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the periodic inventory system.

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