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 literate 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 S9 on January 29. Assuming 900 units are on hand at the end of the month, calculate the cost of goods ava lable for sale ending inventory, and cost of gcods 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.) Weighted Average Cost FIFO LIFO $ 12450 12450 $ Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold 12,450