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10 9 points E7-17 (Algo) (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO [LO 7-S1] Oahu
10 9 points E7-17 (Algo) (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO [LO 7-S1] 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 310 units between January 16 and 23. eBook. Beginning Inventory Purchase Purchase Print Required: Date January 1 January 15 January 24 Units 240 Unit Cost Total Cost $ 80 360 90 200 110 $ 19,200 32,400 22,000 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory $ 48,100 $ 41,700 Cost of Goods Sold $ 25,500 $ 31,900
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