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In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at

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In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $6 on January 1, (2) 450 units at $9 on January 8, and (3) 780 units at $10 on January 29. Assume 930 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume perpetual inventory system and sold 600 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Assume the 2015 ending inventory of Shea's Shrimp Shack was understated by $11,500. How would this error affect the amounts reported for cost of goods sold and gross profit for 2015 and 2016

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