Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 310 units between January 16 and 23. Beginning Inventory Purchase Purchase Date Units Unit Cost Total Cost January 1 140 $ 85 January 15 470 January 24 240 $11,900 95 44,650 115 27,600 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 310 units between January 16 and 23. Beginning Inventory Purchase Purchase Date Units Unit Cost Total Cost January 1 140 $ 85 January 15 470 January 24 240 $11,900 95 44,650 115 27,600 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method
perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the
month of January. The company sold 310 units between January 16 and 23.
Beginning Inventory
Purchase
Purchase
Date
Units Unit Cost Total Cost
January 1 140 $ 85
January 15 470
January 24 240
$11,900
95
44,650
115
27,600
Required:
Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.
Cost of Ending Inventory
Cost of Goods Sold
FIFO
LIFO
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