Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies 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 the month ofJanuary. Sales totaled 330 units.Unit Cost$ 90DateUnitsTotal Cost$ 27,000Beginning InventoryPurchaseJanuary 1January 15January 2430040010040, 00036,000Purchase300120Required: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 1Required 2Required 3Calculate the number and cost of goods available for sale.Number of Goods Available for SaleunitsCost of Goods Available for Sale< Required 1Required 2 >

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Description: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies 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

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Oahu Kiki tracks the number of units purchased and sold throughout each accounting perlod but applles its Inventory costing method at the end of each month, as If it uses a perlodic Inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 330 units. Units 300 Date Unit Cost Total Cost $ 90 Beginning Inventory Purchase January 1 January 15 January 24 $ 27,000 40,000 36,000 400 100 Purchase 300 120 Requlred: 1. Calculate the number and cost of goods avallable 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) welghted average cost methods.

Oahu Kiki tracks the number of units purchased and sold throughout each accounting perlod but applles its Inventory costing method at the end of each month, as If it uses a perlodic Inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 330 units. Units 300 Date Unit Cost Total Cost $ 90 Beginning Inventory Purchase January 1 January 15 January 24 $ 27,000 40,000 36,000 400 100 Purchase 300 120 Requlred: 1. Calculate the number and cost of goods avallable 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) welghted average cost methods.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Date Transaction Number of units Per unit ($) Total ($) April 3 Inventory 25 1.200 30.000 8 Purchase 75 1.240 93.000 11 Sale 40 2.000 80.000 30 Sale 30 2.000 60.000 May 8 Purchase 60 1.260 76.500 10 Sale 50 2.000 100.000 19 Sale 20 2.000 40.000 28 Purchase 80 1.260 100.800 June 5 Sale 40 2.250 90.000 16 Sale 25 2.250 56.250 21 Purchase 35 1.264 44.240 28 Sale 44 2.250 99.000 Instructions1. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the first-in, first-out method and the periodic inventory system.2. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the last-in, first-out method and the periodic inventory system.3. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period,…