Average Cost 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 average cost method under the periodic inventory system In your calculations round average unit cost to the nearest cent and round your final answers to the nearest dollar

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

Average-Cost 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 average-cost method under the periodic inventory system. In your calculations round average unit cost to the nearest cent and round your final answers to the nearest dollar.

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