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 310 units. Total Cost Beginning Inventory Purchase Date January 1 January 15 Units 140 Unit Cost $ 85 470 95 Purchase January 24 240 115 $ 11,900 44,650 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

FINANCIAL ACCOUNTING
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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 310 units.
Beginning Inventory
Purchase
Purchase
Required:
Date
January 1
January 15
Units
Unit Cost
Total Cost
140
$ 85
$ 11,900
470
95
January 24
240
115
44,650
27,600
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.
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 average
methods.
FIFO
LIFO
Weighted Average Cost
Cost of Ending
Inventory
Cost of Goods
Sold
Requir
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 310 units. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 Units Unit Cost Total Cost 140 $ 85 $ 11,900 470 95 January 24 240 115 44,650 27,600 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. 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 average methods. FIFO LIFO Weighted Average Cost Cost of Ending Inventory Cost of Goods Sold Requir
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