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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: 300 units at $6
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: 300 units at $6 on January 1, 450 units at $10 on January 8, and 770 units at $11 on January 29. Assume 920 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 FIFO, LIFO, and 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.) Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a perpetual inventory system. The following are the transactions for the month of July. Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO and LIFO
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