E7-15 (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 Kikis records show the following for the month of January. The company sold 310 units between January 16 and 23.

	Date	Units			Unit Cost			Total Cost
Beginning Inventory	January 1		240		$	80		$	19,200
Purchase	January 15		360			90			32,400
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.