Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work 6 35 ins Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing

image text in transcribed
image text in transcribed
image text in transcribed
Check my work 6 35 ins 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 totaled 280 units Date Units unit cost Total cost Beginning Inventory January 1 120 $ 85 $10.200 Purchase January 15 389 05 36,100 Purchase January 24 200 115 23,000 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 () LIFO, and (c) weighted average cost methods. Hint Complete this question by entering your answers in the tabs below. Required Required 2 Required Calculate the number and cost of goods available for sale Number of Goods Available for Sale Cost of Goods Available for Sale Required 2 > Purchase January 24 200 115 23,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number of units in ending inventory. Ending Inventor units 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, (D) LIFO, and (c) weighted average cost methods Pri Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (D) LIFO, and (c) weighted average cost methods Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions