Smart Tech's beginning inventory and purchases for the month of August were as follows: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted-average cost # of Units 600 $7.00 400 $7.50 500 $8.00 300 $8.75 Cost per Unit Beginning inventory First purchase Second purchase Third purchase Number of units available for sale On hand Number of units sold Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory 1,800 400 1,400 Amount $4,200 3,000 4,000 2,625 $13,825

Smart Tech's beginning inventory and purchases for the month of August were as follows: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted-average cost # of Units 600 $7.00 400 $7.50 500 $8.00 300 $8.75 Cost per Unit Beginning inventory First purchase Second purchase Third purchase Number of units available for sale On hand Number of units sold Required: Calculate the total amount to be assigned to cost of goods sold and ending inventory for August 31, using each of the following methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar. Cost of Goods Sold Ending Inventory 1,800 400 1,400 Amount $4,200 3,000 4,000 2,625 $13,825

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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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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 330 units. Unit Cost $ 90 Date Units Total Cost $ 27,000 Beginning Inventory Purchase January 1 January 15 January 24 300 400 100 40, 000 36,000 Purchase 300 120 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale
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