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 250 units. Beginning Inventory Date January 1 Units Unit Cost Total 100 $ 80 $ 8, Purchase January 15 450 90 40, Purchase January 24 200 110 22, 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 cost of ending inventory and cost of goods sold using the (a) FIFO, (b) methods. Cost of Ending Cost of Goods FIFO LIFO Inventory Sold Weighted Average Cost < Required 2 Required 3
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 250 units. Beginning Inventory Date January 1 Units Unit Cost Total 100 $ 80 $ 8, Purchase January 15 450 90 40, Purchase January 24 200 110 22, 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 cost of ending inventory and cost of goods sold using the (a) FIFO, (b) methods. Cost of Ending Cost of Goods FIFO LIFO Inventory Sold Weighted Average Cost < Required 2 Required 3
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:Check my work
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 250 units.
Beginning Inventory
Date
January 1
Units
Unit Cost
100
$ 80
Total
$ 8,
Purchase
January 15
450
90
40,
Purchase
January 24
200
110
22,
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 cost of ending inventory and cost of goods sold using the (a) FIFO, (b)
methods.
FIFO
LIFO
Cost of Ending
Inventory
Cost of Goods
Sold
Weighted Average Cost
< Required 2
Required 3 >
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