Question
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 299 units at
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 299 units at $7 on January 1, (2) 399 units at $8 on January 8, and (3) 599 units at $9 on January 29. Assume 760 units are on hand at the end of the month.
| Required: |
| Calculate the cost of goods available for sale, ending inventory, and cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume a periodic inventory system is used. (Input all amounts as positive values. Round Weighted average cost per unit to 2 decimal places. Round your final answers to the nearest dollar amount. Omit $ sign in your response.) |
| FIFO | LIFO | Weighted Average | ||||
| Goods Available for Sale | $ | $ | $ | |||
| Cost of goods sold | $ | $ | $ | |||
| Ending inventory | $ | $ | $ | |||
| | ||||||
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