E7-7 (Algo) 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 Kikis records show the following for the month of January. Sales totaled 260 units.

	Date	Units	Unit Cost	Total Cost
Beginning Inventory	January 1	220	$ 80	$ 17,600
Purchase	January 15	480	90	43,200
Purchase	January 24	200	110	22,000

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.

Calculate the number and cost of goods avai Number of Goods Available for Sale Cost of Goods Available for Sale 2,225 units 1,157 $ Required 1 Required 2 Required 3 Calculate the number of unit Ending Inventory 1,068 units FIFO Cost of Ending Cost of Goods Inventory Sold $ 1,150 $ 1,075 $ 985 $ 1,240 $ 2,225 $ 1,095 LIFO Weighted Average Cost