M7-11 to 13 (Algo) Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]Skip to question

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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) 440 units at $7 on January 1, (2) 650 units at $8 on January 8, and (3) 950 units at $9 on January 29.

M7-11 (Algo) Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO [LO 7-3]

Assuming 1,200 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 FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)