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 320 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Cost of Ending Inventory Cost of Goods Sold Units 260 420 220 FIFO Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Unit Cost $85 95 115 LIFO Total Cost $ 22,100 39,900 25,300

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 320 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Cost of Ending Inventory Cost of Goods Sold Units 260 420 220 FIFO Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Unit Cost $85 95 115 LIFO Total Cost $ 22,100 39,900 25,300

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Description: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing methodperpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the fol

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 330 units. Unit Cost $ 90 Date Units Total Cost $ 27,000 Beginning Inventory Purchase January 1 January 15 January 24 300 400 100 40, 000 36,000 Purchase 300 120 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. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale
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