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 Kikis records show the following for the month of January. The company sold 240 units between January 16 and 23.

Date Units Unit Cost Total Cost

Beginning Inventory January 1 120 $ 80 $ 9,600

Purchase January 15 380 90 34,200

Purchase January 24 200 110 22000

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

Purchase January 24 200 110 22,000

Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods