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E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] i all@ Oahu Kiki
E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] i all@ 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 240 units. Date Units Unit Cost Total Cost Purchase Purchase Perghning ventony sanuay 15 320 90$34.200 34,200 22,000 January 24 200 110 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
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