Question
Required information Skip to question [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened
Required information
Skip to question
[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) 150 units at $7 on January 1, (2) 590 units at $8 on January 8, and (3) 890 units at $10 on January 29.
Assuming 1,110 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.)
\begin{tabular}{|l|c|} \hline & \multicolumn{1}{|c|}{ FIFO } \\ \hline Cost of Goods Available for Sale & $1,050 \\ \hline Ending Inventory & \\ \hline Cost of Goods Sold & \\ \hline \hline \end{tabular} \begin{tabular}{|l|l|} \hline & LIFO \\ \hline Cost of Goods Available for Sale \\ \hline Ending Inventory \\ \hline Cost of Goods Sold \\ \hline \hline \end{tabular} \begin{tabular}{|l|l|} \hline & Weighted Average Cost \\ \hline Cost of Goods Available for Sale & \\ \hline Ending Inventory & \\ \hline Cost of Goods Sold \\ \hline \end{tabular} Complete the following table by selecting which inventory costing method (FIFO or LIFO) would lead to the effects noted in the rows, or each of the circumstances described in the columns
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