Assuming 900 units are on hand at the end of the month


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 the (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume a periodic inventory system is used.

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Accounting Basics: Assuming 900 units are on hand at the end of the month
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