Required information In its first month of operations, Literacy for the Illiterate opened a new...
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Accounting
Required information In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 350 units at $4 on January 1, (2) 650 units at $6 on January 8, and (3) 760 units at $7 on January 29. Assuming 1,060 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 FIFO. Assume perpetual inventory system and sold 700 units between January 9 and January 28, (Round your intermediate calculations to 2 decimal places.) FIFO Goods Available for Sale Cost of Goods Sold Ending Inventory
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