FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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) 590 units at $8 on January 8, and (3) 890 units at $10 on January 29.
Assuming 1,110 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.)
Answer is complete but not entirely correct.
FIFO
Cost of Goods Available for
Sale
$ 14,670
Ending Inventory
11,860
Cost of Goods Sold
$ 2,810
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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) 590 units at $8 on January 8, and (3) 890 units at $10 on January 29. Assuming 1,110 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.) Answer is complete but not entirely correct. FIFO Cost of Goods Available for Sale $ 14,670 Ending Inventory 11,860 Cost of Goods Sold $ 2,810
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