Question
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 340 units at
| In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 340 units at $10 on January 1, (2) 580 units at $11 on January 8, and (3) 880 units at $12 on January 29. |
| Assume 1,090 units are on hand at the end of the month, 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. (Round "Cost per Unit" to 2 decimal places.)
file:///Users/Mariah/Desktop/IMG_2739.JPG |
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Fundamental Accounting Principles
Authors: John Wild, Ken Shaw, Barbara Chiappetta
22nd edition
9781259566905, 978-0-07-76328, 77862279, 1259566900, 0-07-763289-3, 978-0077862275
