1 answer

Required information [The following information applies to the questions displayed below.) In its first month of...

Question:

Required information [The following information applies to the questions displayed below.) In its first month of operations,
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) 260 units at $9 on January 1, (2) 520 units at $10 on January 8, and (3) 820 units at $11 on January 29. Assume 1,000 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 the LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold

Answers

Units Value
Cost of Goods Available for sales 1600 $16,560.00
Cost of Goods Sold 600 $6,600.00
Ending Inventory 1000 $9,960.00

Detail working for our Refrence

Computation of No. and Cost of Goods available for sale
Unit Rate Amount
1-Jan 260 $9.00 $2,340.00
8-Jan 520 $10.00 $5,200.00
29-Jan 820 $11.00 $9,020.00
Total 1600 $16,560.00
Computation of No. of Unit Sold
Unit available for sale 1600
Ending Inventory 1000
Unit Sold 600
Computation of Cost of Goods Sold & Invenry as per LIFO
Cost of Goods Sold
600 UnitX $11 $6,600.00
Ending Invenry
220 Unit X $11 $2,420.00
260 Unit X $9 $2,340.00
520 Unit X $10 $5,200.00
Value of Ending Inventory $9,960.00
.

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