Required information You are the owner of a very small business that sells gourmet coffee. You...

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Required information You are the owner of a very small business that sells gourmet coffee. You sell only one product, a 12-ounce bag of whole-bean French roast coffee. You sell each bag of coffee for $14 each, but due to the fluctuation in commodity prices, the price you pay your supplier to stock the product is constantly changing. In your first month of operations, you bought bags of coffee from your supplier in the following order: (a) 2 units at $2 each on January 1, (b) 6 units at $4 each on January 8, and (c) 4 units at $8 each on January 29. Requirement 1 (of 2): Assuming you sold 7 units during the month, calculate the cost of goods available for sale, cost of goods sold, and cost of ending inventory under the (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) FIFO LIFO Cost of Goods Available for Sale $ 60.00 $ 60.00 $ Weighted Average Cost 60.00 Cost of Goods Sold Ending Inventory Required information You are the owner of a very small business that sells gourmet coffee. You sell only one product, a 12-ounce bag of whole-bean French roast coffee. You sell each bag of coffee for $14 each, but due to the fluctuation in commodity prices, the price you pay your supplier to stock the product is constantly changing. In your first month of operations, you bought bags of coffee from your supplier in the following order: (a) 2 units at $2 each on January 1, (b) 6 units at $4 each on January 8, and (c) 4 units at $8 each on January 29. Requirement 1 (of 2): Assuming you sold 7 units during the month, calculate the cost of goods available for sale, cost of goods sold, and cost of ending inventory under the (a) FIFO, (b) LIFO, and (c) weighted average cost flow assumptions. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.) FIFO LIFO Cost of Goods Available for Sale $ 60.00 $ 60.00 $ Weighted Average Cost 60.00 Cost of Goods Sold Ending Inventory

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Answer Requirement 1 Inventory Calculations under FIFO LIFO and Weighted Average Cost Flow We are given the following information Units purchased a 2 ... View the full answer