7. FIFO Method: Perpetual 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 FIFO method under the perpetual inventory system.

	FIFO Method
Cost of ending inventory:	$
Cost of goods sold:	$