Recording the month’s cost of goods sold in one entry

Transaction

During the month a store sold 120 units of product A, which cost $15.50 each, and 80 units of product B, which cost $22.50 each. The sales have already been recorded. Record the cost of goods sold for the month.

Assumptions: Perpetual inventory: purchases are recorded in Inventory, and the cost of goods sold is recorded once a month, in one entry, from the inventory records.