How do I find the cost of ending inventory and the cost of goods sold for the FIFO and the LIFO method based on the information provided above? .mneducatiolLer 7 - In-Class #2Saved1Oahu 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 the following for themonth of January. The company sold 240 units between January 16 and 23.ntsDateUnits Unit Cost Total CostBeginning InventoryJanuary 1January 15January 24120$80$ 9,600Purchase3809034,20022,000Purchase200110eBookRequired:Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.HintFIFOLIFOCost of Ending InventoryPrintCost of Goods Sold2419,200 $26,400ReferencesMcGraw( Prev1 of 2Next >

FIFO stands for First in first out . It means the inventory which is purchased first will be sold…

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of goods sold for the FIFO and the LIFO method based on the information

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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Question

How do I find the cost of ending inventory and the cost of goods sold for the FIFO and the LIFO method based on the information provided above?

.mneducatiol
Ler 7 - In-Class #2
Saved
1
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.
nts
Date
Units Unit Cost Total Cost
Beginning Inventory
January 1
January 15
January 24
120
$80
$ 9,600
Purchase
380
90
34,200
22,000
Purchase
200
110
eBook
Required:
Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.
Hint
FIFO
LIFO
Cost of Ending Inventory
Print
Cost of Goods Sold
24
19,200 $
26,400
References
Mc
Graw
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1 of 2
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