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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 260 units.     Date Units Unit Cost Total Cost Beginning Inventory January 1 100 $ 75 $ 7,500 Purchase January 15 360 95 34,200 Purchase January 24 240 115 27,600   Required: Calculate the number and cost of goods available for sale. Calculate the number of units in 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.

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 1 100 $ 75 $ 7,500 Purchase January 15 360 95 34,200 Purchase January 24 240 115 27,600   Required: Calculate the number and cost of goods available for sale. Calculate the number of units in 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.

FINANCIAL ACCOUNTING
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 260 units.

 

  Date Units Unit Cost Total Cost
Beginning Inventory January 1 100 $ 75 $ 7,500
Purchase January 15 360 95 34,200
Purchase January 24 240 115 27,600

 

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.
 
 
 
 
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 January 1 January 15 January 24 Required 1 Required 2 Units 100 360 240 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 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale Unit Cost $ 75 95 115 < Required 1 units Total Cost $ 7,500 34,200 27,600 Required 2 >
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 January 1 January 15 January 24 Required 1 Required 2 Units 100 360 240 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 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale Unit Cost $ 75 95 115 < Required 1 units Total Cost $ 7,500 34,200 27,600 Required 2 >
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