Business, 11.03.2020 00:41 Lingz

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 $5 on January 1, (2) 450 units at $8 on January 8, and (3) 850 units at $9 on January 29. Assume 1,000 units are on hand at the end of the month.

Calculate the cost of goods available for sales, 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 sol 600 units between January 9 and January 28. (Round your immediate calculations to 2 decimal places.)

FIFO LIFO Weighted Average Cost
Goods Available for Sale
Cost of Goods Sold
Ending Inventory

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