E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]

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 320 units. Date Units Unit Cost Total Costi Beginning Inventory January 1 $12,600 Purchase January 15 490 39,200 Purchase January 24 28,000 180 $ 70 80 100 280 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 cost of ending inventory and cost of goods sold using the (e) FIFO, (b) LIFO, and (c) weighted average cost methods Cost of Ending Cont of Goods Inventory Sold FIFO LIFO Weighted Average Cost