You are the owner of a very small business that sells gourmetcoffee.
You sell only one product, a 12-ounce bag of whole-bean Frenchroast coffee. You sell each bag of coffee for $14 each, but due tothe fluctuation in commodity prices, the price you pay yoursupplier to stock the product is constantly changing. In your firstmonth of operations, you bought bags of coffee from your supplierin the following order: (a) 1 units at $2 each on January 1, (b) 7units at $4 each on January 8, and (c) 2 units at $8 each onJanuary 29.
Assuming you sold 6 units during the month, calculate the costof goods available for sale, ending inventory, and cost of goodssold under the (a) FIFO, (b) LIFO, and (c) weighted average costflow assumptions. Assume a periodic inventory system is used.(Round "Cost per Unit" to 2 decimal places.)
