Q5

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 240 units at $10 on January 1, (2) 480 units at $11 on January 8, and (3) 780 units at $12 on January 29.

Assume 950 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 AVG COST
COST OF GOODS AVAIL. 4 SALE
ENDING INVENTORY
COST OF GOODS SOLD