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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. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 January 24 Units Unit Cost Total Cost 180 420 $ 75 $13,500 85 35,700 320 105 33,600 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. Answer is complete but not entirely correct. 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) LIFO, and (c) weighted methods. Cost of Ending Cost of Goods Inventory Sold FIFO $ 41,250 $ 41,550 LIFO $ 48,350 $ 34,450 Weighted Average Cost $ 29,700 $ 53,100

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. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 January 24 Units Unit Cost Total Cost 180 420 $ 75 $13,500 85 35,700 320 105 33,600 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. Answer is complete but not entirely correct. 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) LIFO, and (c) weighted methods. Cost of Ending Cost of Goods Inventory Sold FIFO $ 41,250 $ 41,550 LIFO $ 48,350 $ 34,450 Weighted Average Cost $ 29,700 $ 53,100

Principles of Accounting Volume 1
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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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. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 January 24 Units Unit Cost Total Cost 180 420 $ 75 $13,500 85 35,700 320 105 33,600 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. Answer is complete but not entirely correct. 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) LIFO, and (c) weighted methods. Cost of Ending Cost of Goods Inventory Sold FIFO $ 41,250 $ 41,550 LIFO $ 48,350 $ 34,450 Weighted Average Cost $ 29,700 $ 53,100
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 330 units. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 January 24 Units Unit Cost Total Cost 180 420 $ 75 $13,500 85 35,700 320 105 33,600 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. Answer is complete but not entirely correct. 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) LIFO, and (c) weighted methods. Cost of Ending Cost of Goods Inventory Sold FIFO $ 41,250 $ 41,550 LIFO $ 48,350 $ 34,450 Weighted Average Cost $ 29,700 $ 53,100
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