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

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Description: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing methodat the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 3PA: Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

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

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Step 3: Working for number of units in ending inventory

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Step 4: Working for cost of ending inventory and goods sold using FIFO Method

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Step 5: Working for cost of ending inventory and goods sold using LIFO Method

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