50.1K

Verified Solution

Link Copied!

! Required information [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) 260 units at $7 on January 1, (2) 470 units at $8 on January 8, and (3) 770 units at $9 on January 29, Assume 950 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 FIFO. Assume a periodic Inventory system is used. (Round "Cost per Unit" to 2 decimal places.) FIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Required information [The following information applies to the questions displayed below.) In its first month of operations, Literacy for the literate opened a new bookstore and bought merchandise in the following order: (1) 260 units at $7 on January 1 (2) 470 units at $8 on January 8, and (3) 770 units at $9 on January 29, Assume 950 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 LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold 1 Required information [The following information applies to the questions displayed below] In its first month of operations, Literacy for the literate opened a new bookstore and bought merchandise in the following order: (1)260 units at $7 on January 1 (2) 470 units at $8 on January 8, and (3) 770 units at $9 on January 29. Assume 950 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 weighted average cost flow assumptions. Assume a periodic Inventory system is used. (Round "Cost per Unit to 2 decimal places.) Weighted Average Cost Cont of Goods Available for Sale Ending Inventory Cost of Goods Sold

Answer & Explanation Solved by verified expert

See Answer