Question
Required information. In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1)
Required information. In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 450 units at $4 on January 1, (2) 550 units at $6 on January 8, and (3) 860 units at $7 on January 29. Assume 960 units are on hand at the end of the month. 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 900 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Goods Available for Sale Weighted Average Cost Cost of Goods Sold Ending Inventory
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