M7-8 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]

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 420 units at $9 on January 1, (2) 600 units at $10 on January 8, and (3) 900 units at $11 on January 29.

Assume 1,120 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.)

	FIFO	LIFO	Weighted Average Cost
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold