Required informationM7-11 to 13 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] [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) 220 units at $6 on January 1, (2) 490 units at $7 on January 8, and (3) 790 units at $8 on January 29. M7-12 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic LIFO [LO 7-3]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.)

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Asked Mar 23, 2019
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Required information

M7-11 to 13 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]

 

[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) 220 units at $6 on January 1, (2) 490 units at $7 on January 8, and (3) 790 units at $8 on January 29.

 

M7-12 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic LIFO [LO 7-3]

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.)

 

 

 

 

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Expert Answer

Step 1

FIFO METHOD:

 

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Step 2

LIFO METHOD:

 

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Step 3

WEIGHTED AVERAGE METHO...

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