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M7-8 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under...

M7-8 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]

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) 500 units at $8 on January 8, and (3) 800 units at $9 on January 29. Assume 975 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

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ekkarill92 answered 2 months ago
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