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
[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) 300 units at $7 on January 1, (2) 450 units at $8 on January 8, and (3) 750 units at $9 on January 29.
Assuming 900 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 LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
\begin{tabular}{|l|l|} \hline & \multicolumn{2}{c|}{ LIFO } \\ \hline Cost of Goods Available for Sale & $12,450 \\ \hline Ending Inventory & \\ \hline Cost of Goods Sold & \\ \hline \hline \end{tabular} \begin{tabular}{|l|c|} \hline Cost of Goods Available for Sale & WeightedAverageCost \\ \hline Ending Inventory & $12,450 \\ \hline Cost of Goods Sold & \\ \hline \end{tabular}Step by Step Solution
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