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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) 300 units at
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $7 on January 1, (2) 450 units at $8 on January 8, and (3) 750 units at $9 on January 29. Assume 900 units are on hand at the end of the month. M7-21 (Static) (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual LIFO [LO 7-S1] Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the LIFO. Assume perpetual inventory system and sold 600 units between January 9 and January 28
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