In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 320 units at $6 on January 1, (2) 540 units at $7 on January 8, and (3) 840 units at $9 on January 29. Assuming 1,035 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 LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) Answer is complete but not entirely correct. Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold LIFO $ 13,260 6,925 $6.308
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 320 units at $6 on January 1, (2) 540 units at $7 on January 8, and (3) 840 units at $9 on January 29. Assuming 1,035 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 LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) Answer is complete but not entirely correct. Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold LIFO $ 13,260 6,925 $6.308
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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[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) 320 units at $6 on January 1, (2) 540 units at $7 on January 8, and (3) 840 units at $9 on January 29.
Assuming 1,035 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 LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
Answer is complete but not entirely correct.
Cost of Goods Available for
Sale
Ending Inventory
Cost of Goods Sold
LIFO
$ 13,260
6,925
$ 6,308](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe72db9c3-1f9d-442a-ba62-bcb6d45fbdb1%2F9f519944-793d-4de6-9b6f-a31b783c4f6f%2F16bgg7k_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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) 320 units at $6 on January 1, (2) 540 units at $7 on January 8, and (3) 840 units at $9 on January 29.
Assuming 1,035 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 LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
Answer is complete but not entirely correct.
Cost of Goods Available for
Sale
Ending Inventory
Cost of Goods Sold
LIFO
$ 13,260
6,925
$ 6,308
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