In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 180 units at $5 on January 1, (2) 510 units at $6 on January 8, and (3) 810 units at $7 on January 29 M7-11 (Algo) Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO [LO 7-3] Assuming 900 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.) Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 180 units at $5 on January 1, (2) 510 units at $6 on January 8, and (3) 810 units at $7 on January 29 M7-11 (Algo) Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO [LO 7-3] Assuming 900 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.) Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold FIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Required information
M7-11 to 13 (Algo) 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) 180 units at $5 on January 1, (2) 510 units at $6 on January 8, and (3) 810 units at $7 on January 29,
M7-11 (Algo) Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory
under Periodic FIFO [LO 7-3]
Assuming 900 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.)
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold
FIFO](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc8a615f0-ca85-4dab-baf0-ae10e0067da3%2F7301f3d0-7352-449a-b0fa-bae4f85f838b%2F8a4v6u_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
M7-11 to 13 (Algo) 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) 180 units at $5 on January 1, (2) 510 units at $6 on January 8, and (3) 810 units at $7 on January 29,
M7-11 (Algo) Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory
under Periodic FIFO [LO 7-3]
Assuming 900 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.)
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold
FIFO
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