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Cant figure this out. Please help!!! Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing
Cant figure this out. Please help!!!
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 320 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 260 420 220 Unit Cost $ 85 95 115 Total Cost $ 22,100 39,900 25,300 Required: Text Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. X Answer is not complete. FIFO LIFO Cost of Ending Inventory $ 30,360 X 27,800 Cost of Goods Sold $Step by Step Solution
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