Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 290 units. Beginning Inventory Purchase Purchase Required 1 Required 2 Date January 1 January 15 January 24 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. FIFO LIFO Weighted Average Cost Required 3 $ Units 140 330 250 Cost of Ending Inventory Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Unit Cost $ 80 90 110 57,200 Total Cost $ 11, 200 29,700 27,500 Cost of Goods Sold
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 290 units. Beginning Inventory Purchase Purchase Required 1 Required 2 Date January 1 January 15 January 24 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. FIFO LIFO Weighted Average Cost Required 3 $ Units 140 330 250 Cost of Ending Inventory Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Unit Cost $ 80 90 110 57,200 Total Cost $ 11, 200 29,700 27,500 Cost of Goods Sold
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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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
at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of
January. Sales totaled 290 units.
Beginning Inventory
Purchase
Purchase
Required 1 Required 2
Date
January 1
January 15
January 24
Required:
1. Calculate the number and cost of goods available for sale.
2. Calculate the number of units in ending inventory.
3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
Complete this question by entering your answers in the tabs below.
FIFO
LIFO
Weighted Average Cost
Required 3
$
Units
140
330
250
Cost of Ending
Inventory
Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost
methods.
Unit Cost
$ 80
90
110
57,200
Total Cost
$ 11, 200
29,700
27,500
Cost of Goods
Sold
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for number of units and cost of goods available for sale
VIEWStep 3: Working for number of units in ending inventory
VIEWStep 4: Working for cost of ending inventory and goods sold using FIFO Method
VIEWStep 5: Working for cost of ending inventory and goods sold using LIFO Method
VIEWStep 6: Working for cost of ending inventory and goods sold using Weighted Average Method
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