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 260 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 220 $ 80 $ 17,600 January 15 480 90 43,200 January 24 200 110 22,000 Purchase Purchase Required: 1. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
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 260 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 220 $ 80 $ 17,600 January 15 480 90 43,200 January 24 200 110 22,000 Purchase Purchase Required: 1. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
Chapter1: Financial Statements And Business Decisions
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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 260
units.
Beginning Inventory
Purchase
Purchase
Date
Units Unit Cost Total Cost
January 1
220 $ 80
$ 17,600
January 15
480 90
January 24 200 110
43,200
22,000
Required:
1. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and
(c) weighted average cost methods.
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