M7-11 to 13 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] [The following information applies to the questions displayed below.) In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 460 units at $5 on January 1, (2) 620 units at $6 on January 8, and (3) 920 units at $7 on January 29. M7-11 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO (LO 7-3] Assume 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.) FIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold M7-20 to 22 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1) 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 $7 on January 1, (2) 300 units at $9 on January 8, and (3) 900 units at $10 on January 29. Assuming 1,000 units are on hand at the end of the month. M7-20 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO (LO 7-S1) Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the FIFO. Assume perpetual inventory system and sold 400 units between January 9 and January 28, (Round your intermediate calculations to 2 decimal places.) FIFO Goods Available for Sale Cost of Goods Sold Ending Inventory M7-20 to 22 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1) In its first month of operations, Literacy for the literate opened a new bookstore and bought merchandise in the following order: (1) 200 units at $7 on January 1, (2) 300 units at $9 on January 8, and (3) 900 units at $10 on January 29. Assuming 1,000 units are on hand at the end of the month. M7-21 (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 400 units between January 9 and January 28, (Round your intermediate calculations to 2 decimal places.) LIFO Goods Available for Sale Cost of Goods Sold Ending Inventory M7-20 to 22 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1) 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 $7 on January 1, (2) 300 units at $9 on January 8, and (3) 900 units at $10 on January 29. Assuming 1,000 units are on hand at the end of the month. M7-22 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual Weighted Average Cost [LO 7-S1) Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the 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.) Weighted Average Cost Goods Available for Sale Cost of Goods Sold Ending Inventory
