M$7-20$ to $22($Algo$)($Supplement $7$A$)$ Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost $[$LO $7-$S$1]$

In its first month of operations, Literacy for the lliterate opened a new bookstore and bought merchandise in the following order: $(1)400$ units at $$6$ on January $1,(2)600$ units at $$7$ on January $8,$ and $(3)920$ units at $$8$ on January $29.$ Assume $1,120$ units are on hand at the end of the month.

M$7-20($Algo$)($Supplement $7$A$)$ Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO $[$LO $7-$S$1]$

Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the FIFO. Assume perpetual inventory system and sold $800$ units between January $9$ and January $28.($Round your intermediate calculations to $2$ decimal places.$)$

$\backslash$table$[[,$FIFO$],[$Goods Available for Sale,$],[$Cost of Goods Sold,$],[$Ending Inventory,$]]$