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In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order:

(1) 200 units at $7 on January 1, (2) 300 units at $9 on January 8, and (3) 900 units at $10 on January 29. Assume 1,000 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 (a) FIFO,(b) LIFO, and (c) weighted average cost flow assumptions. Assume perpetual inventory system and sold 400 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91958388

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