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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) 200 units at
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order. (1) 200 units at $4 on January 1, (2) 300 units at $6 on January 8, and (3) 890 units at $7 on January 29. Assume 990 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 400 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Answer is complete but not entirely correct. FIFO Goods Available for $ $ Weighted LIFO Average Cost 8,830 $ 8,830 2.800 X 2.540 X 6,030 x $ 6,286 Sale 8,830 2,000 6.830 Cost of Goods Sold Ending Inventory $ $
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