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) 150 units at $7 on January 1, (2) 560 units at $8 on January 8, and (3) 860 units at $10 on January 29. Assuming 1,065 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.) Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold LIFO $ 14,130

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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) 150 units at $7 on January 1, (2) 560 units at $8 on January 8, and (3) 860 units at $10 on January 29.
Assuming 1,065 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.)
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold
LIFO
$ 14,130
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) 150 units at $7 on January 1, (2) 560 units at $8 on January 8, and (3) 860 units at $10 on January 29. Assuming 1,065 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.) Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold LIFO $ 14,130
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