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Question: Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Refer to the information in problem below. Assume the company uses a periodic inventory system. Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and weighted average cost methods. (Round weighted average cost per unit to the nearest tenth of a cent; three decimal places.)
Problem: Calculating Cost of Goods Sold and Ending Inventory under FIFO, LIFO, and Weighted Average (Perpetual Inventory) 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 the company sold 350 units on January 12 and 550 units on January 30, calculate the cost of goods sold and ending inventory on January 31 under the ( a) FIFO, ( b) LIFO, and ( c) weighted average cost flow assumptions. Assume a perpetual inventory system is used. (Round weighted average cost per unit to the nearest tenth of a cent; three decimal places.)
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