Weighted Average Cost [LO 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 January 24 Units 240 360 200 Unit Cost $ 80 98 110 Total Cost $ 19,200 32,400 22,000 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.
Weighted Average Cost [LO 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 January 24 Units 240 360 200 Unit Cost $ 80 98 110 Total Cost $ 19,200 32,400 22,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Weighted Average Cost [LO 7-3]
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
Date
January 1
January 15
January 24
Units
240
360
200
Unit Cost
$ 80
90
110
Total Cost
$ 19,200
32,400
22,000
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 cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost
methods.
FIFO
LIFO
Weighted Average Cost
Cost of Ending
Inventory
Cost of Goods
Sold
<Required 2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F969e49e8-4d1f-4775-83de-f808eb484ef3%2F8247e836-7315-44e1-bbc3-ce5dd3117e1c%2Fvri4j7_processed.png&w=3840&q=75)
Transcribed Image Text:Weighted Average Cost [LO 7-3]
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
Date
January 1
January 15
January 24
Units
240
360
200
Unit Cost
$ 80
90
110
Total Cost
$ 19,200
32,400
22,000
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 cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost
methods.
FIFO
LIFO
Weighted Average Cost
Cost of Ending
Inventory
Cost of Goods
Sold
<Required 2
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