Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in its first month of operations, literacy for the

In its first month of operations, Literacy for the Illiterate opened a new bookstore and...

60.1K

Verified Solution

Question

Accounting

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 420 units at $9 on January 1, (2) 600 units at $10 on January 8, and (3) 900 units at $11 on January 29.

Assume 1,120 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 (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)

FIFO LIFO Weighted Average Cost
Cost of Goods Available for Sale $19,680 $19,680 $19,680
Ending Inventory
Cost of Goods Sold

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

CaCO3 can be roasted to produce CaO and CO2. This reaction is carried out in a...

Medical Sciences
1.2K views

1. Discuss structure and function: why do the Kidney tubules contain cuboidal epithelial tissue? 2. Discuss structure...

Medical Sciences
1.2K views

what is going on in the internal genitals of an xy individual with Congenital Adrenal Hyperplasia?

Biology
1.2K views

Which of the following is correct order of the evolutionary history of man? (a) Peking man homo...

Calculus
1.2K views

This exercise is based on the following functions f x x 2 with domain g...

Algebra
1.2K views

Evaluate the expression 18 9 18 9

Accounting
1.2K views

If any obligation or liability is left to a delegor under a contract once he...

Accounting
1.2K views

sccordance with GAMP was $1,250,000. Tha following...

Accounting
1.2K views

Round to the nearest cent. The Lenzos, Married, filing jointly Taxable Income $78,336 Federal Income...

Accounting
1.2K views

Prepare a flexible budget for Rodger's based on production of 10,000,15,000, and 20,000 units

Accounting
1.2K views

Question 5 (7 points) Frederick Company's January 1, 2018 finished goods inventory was...

Accounting
1.2K views

Pottery Ranch Inc. has been manufacturing its own finials for its curtain rods. The company...