apter 7 HW Question 4 (of 19 value 0.57 points M7-8 Calculating Cost of Goods Av

Question

apter 7 HW Question 4 (of 19 value 0.57 points M7-8 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending In its first month of operations, Literacy for the Iliterate opened a new bookstore the following order. (1) 340 units at $9 on January 1, (2) 630 units at $10 on January 8, and (3) 930 units at $12 on January 29 Assume 1,170 units are on hand at the end of the month, calculate the cost of goods available for sale assumptions. Assume a periodic inventory system is used. (Round "Cost per Unit to 2 decimal places.) e cost flow Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold References eBook & Resources Worksheet M7-8 Calculating Cost of Goods Available for Sale, Cost of Goods search

Explanation / Answer

Calculate following :

FIFO LIFO Weighted average Cost of goods available for sale 20520 20520 20520 Ending inventory (930*12+240*10) = 13560 (340*9+630*10+200*12)=11760 (20520/1900)*1170 = 12636 Cost of goods sold 6960 8760 7884

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