! Required information M7-20 to 22 (Static) (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1] 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. Assume 900 units are on hand at the end of the month. M7-22 (Static) (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual Weighted Average Cost [LO 7-S1] 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 $ 12,450 $ 6,750 5,700
! Required information M7-20 to 22 (Static) (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1] 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. Assume 900 units are on hand at the end of the month. M7-22 (Static) (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual Weighted Average Cost [LO 7-S1] 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 $ 12,450 $ 6,750 5,700
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.10AMCP
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![!
Required information
M7-20 to 22 (Static) (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under
Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1]
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.
Assume 900 units are on hand at the end of the month.
M7-22 (Static) (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual
Weighted Average Cost [LO 7-S1]
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
$
12,450
6,750
5,700
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd48c2f6-d8ed-44ab-aac4-15122cd7fb3d%2F5528123a-3b64-4bc9-a5f4-63759f9f2a6f%2Fiw7frxp_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
M7-20 to 22 (Static) (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under
Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1]
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.
Assume 900 units are on hand at the end of the month.
M7-22 (Static) (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual
Weighted Average Cost [LO 7-S1]
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
$
12,450
6,750
5,700
$
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