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 280 units. Units Unit Cost Total Cost $19,800 48,000 24,000 Date Beginning Inventory Purchase January 1 January 15 January 24 $ 90 220 480 100 Purchase 200 120 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.

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 280 units. Units Unit Cost Total Cost $19,800 48,000 24,000 Date Beginning Inventory Purchase January 1 January 15 January 24 $ 90 220 480 100 Purchase 200 120 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.

Name: Oahu Kiki tracks the number of units purchased and sold throughout ea
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Description: Oahu Kiki tracks the number of units purchased and sold throughout each accounting perlod but apples 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 t

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...

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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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Oahu Kiki tracks the number of units purchased and sold throughout each accounting perlod but apples 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 280 units.
Units
Unit Cost
Total Cost
$19,800
48,000
24,000
Date
Beginning Inventory
Purchase
January 1
January 15
January 24
$ 90
220
480
100
Purchase
200
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.

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