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. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost Total Cost $19,800 48,000 24,000 220 $ 90 480 100 200 120 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. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost Total Cost $19,800 48,000 24,000 220 $ 90 480 100 200 120 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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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