Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 240 units between January 16 and 23. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 Units 120 380 Unit Cost $ 80 Total Cost $ 9,600 90 34,200 January 24 200 110 22,000 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 240 units between January 16 and 23. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 Units 120 380 Unit Cost $ 80 Total Cost $ 9,600 90 34,200 January 24 200 110 22,000 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.

Name: Haresh Oahu Kiki tracks the number of units purchased and sold through
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Description: Haresh Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing methodperpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show t

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PB: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are...

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