Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1 Oahu Kiki tracks the number of units purchased and cold throughout each accounting period but applies to inventory couting method at the end of
1 Oahu Kiki tracks the number of units purchased and cold throughout each accounting period but applies to inventory couting method at the end of each month as it it uses a periodic inventory system. Assume Onhu Kikis records show the following for the month of January Sales totalled 240 units 10 po unts it cost $8 10 Date January 1 January 15 January 24 Total cost 16 3.10 teginning inventory Purchase Purchase 30 11 . Prius Required: 1. Calculate the number and cost of goods available for sale References Number of goods avatable for sale Cost of goods available for sale 700 units 8580 $ 2. Calculate the number of units in ending inventory ENG 200 400 12C Ending Inventory D E 1 T 2. Calculate the number of units in ending inventory Ending inventory 400 units int ances 3. Calculate the cost of ending inventory and cost of goods sold using the (0) FIFO and (of weighted average cost methods Donat round Weighted average cost per unit. Round your final answers to the nearest dollar amount) Ending Cost of Inventory Goods Sold FIFO Weighted average $ 4,3245 2,250
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started