Question
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 400 units at
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 400 units at $6 on January 1, (2) 600 units at $8 on January 8, and (3) 870 units at $9 on January 29. Assuming 1,070 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 weighted average cost flow assumptions. Assume perpetual inventory system and sold 800 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.)
my answers so far: CoGAFS= 15030
COGS= 6,432
EI= 8603
My assignment is telling me that my cost of goods available for sale is correct. But my cost of goods sold is wrong and my ending inventory calculations are wrong.
Any help with this assignment will be greatly appreciated.
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