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The cost of goods available for sale is $14130 for all three. In its first month of operations. Literacy for the Illiterate opened a new
The cost of goods available for sale is $14130 for all three.
In its first month of operations. Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: 150 units at $7 on January 1. 560 units at $8 on January 8. and 860 units at $10 on January 29. Assume 1.065 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 FIFO. LIFO, and weighted average cost flow assumptions. Assume a periodic inventory system is used. (Round your intermediate calculations to 2 decimal places.)
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