Required information In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 350 units at $4 on January 1, (2) 650 units at $6 on January 8, and (3) 760 units at $7 on January 29. Assume 1,060 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the weighted average cost flow assumptions. Assume perpetual inventory system and sold 700 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average $ Cost 10,620

Required information In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 350 units at $4 on January 1, (2) 650 units at $6 on January 8, and (3) 760 units at $7 on January 29. Assume 1,060 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the weighted average cost flow assumptions. Assume perpetual inventory system and sold 700 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average $ Cost 10,620

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 1AP

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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) 220 units at $6 on January 1, (2) 640 units at $7 on January 8, and (3) 940 units at $8 on January 29. Assuming 1,185 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
[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) 640 units at $7 on January 8, and (3) 940 units at $8 on January 29. Assuming 1,185 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 weighted average cost flow assumptions. 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 Weighted Average Cost
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $7 on January 1, (2) 450 units at $8 on January 8, and (3) 750 units at $9 on January 29. 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 Weighted Average Cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
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Required information. In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $5 on January 1, (2) 500 units at $9 on January 8, and (3) 910 units at $10 on January 29, Assume 1,110 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the weighted average cost flow assumptions. Assume perpetual inventory system and sold 600 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average Cost
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i need the answer quickly
i need the answer quickly
In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $7 on January 1, (2) 450 units at $8 on January 8, and(3) 750 units at $9 on January 29. Assuming 900 units are on hand at the end of the month, calculatethe 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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