Taras Treasures uses the Perpetual Inventory Method and has an Inventory Balance of $15,500 on July 31^st 2020. Tara allows her customers the following sales on account terms: 1/15, Net 30.

During the month of August 2020 Tara had the following inventory and sales transactions:

1. Tara Purchases $14,000 worth on Inventory on account, Terms: 3/10, Net 30, FOB Destination
2. The appropriate company pays $200 to UPS for the shipment on the inventory purchased in (a).
3. Tara Sells Inventory on Account to Kellys Kitten Company for $25,400 the Inventory Cost Tara $12,400. FOB Destination
4. Tara returns 30% of the Inventory she purchased in (a).
5. The appropriate party pays $150 for the shipment from transaction .
6. Kelly returns $10,000 of the sales made in transaction . The inventory returned cost $5,250.
7. Tara pays for the inventory she purchased in (a) within the 10 day time period.
8. Tara purchases $5,450 of Inventory on account, terms 2/10, FOB Shipping point.
9. The proper party pays $50 to UPS for the shipping costs from transaction (h)
10. Tara collects the payment from Kelly on day 14.
11. Tara sells $6,200 worth of Inventory to Jackson for $14,000 on account terms FOB Shipping point.

-Record the transactions in Taras Journal for the Month of August.

-What is the ending value of Inventory?

-What is the ending value for Cost of Goods Sold?