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

LIFO 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 LIFO method under the perpetual inventory system.

LIFO Method Cost of ending inventory: $ ?

Cost of goods sold: $?

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