Question 5 You are given the following information for Ellis Co. Ellis Co. uses a perpetual inventory system and the weighted average cost formula. Units Unit Price Date Transaction July 1 Beginning inventory July 5 Purchase July 8 Sale July 15 Purchase July 20 Sale July 25 Purchase 25 55 70 55 55 10 $10 $ 9 $15 $8 $12 $7 Instructions: Determine the amount that ending inventory should be valued at on the July 31 Balance Sheet. What amount should the cost of goods sold be valued at on the July Income Statement