chap 7

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 totalled 250 units. Date January 11 Beginning Inventory Units 125 Unit Cost $8.2 Total Cost $1,025 January 15 390 9.1 3,549 Purchase Purchase January 24 205 11.2 2,296 Required: 1. Calculate the number and cost of goods available for sale. Number of goods available for sale units Cost of goods available for sale 2. Calculate the number of units in ending inventory. Ending inventory units 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO and (b) weighted average cost methods. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) Cost of Ending Inventory Goods Sold FIFO Weighted average