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I would like to have the solutions answered for the attached questions. Thanks in advance. 1.) Oahu Kiki tracks the number of units purchased and
I would like to have the solutions answered for the attached questions. Thanks in advance.
1.) 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 ? Calculate the number and cost of goods available for sale ? Calculate the number of units in ending inventory ? Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods 2.) Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $86,000 and Cost of Goods Sold of $452,000. a.Included in Inventory (and Accounts Payable) are $13,200 of lenses held on consignment. b.Included in the Inventory balance are $6,600 of office supplies held in SLC's warehouse. c. Excluded from the Inventory balance are $9,600 of lenses in the warehouse, ready to send to customers on January 1. SLC reported these lenses as sold on December 31, at a price of $18,200. d.Included in the Inventory balance are $3,800 of lenses that were damaged in December and will be scrapped in January, with no recoverable value. Required: Prepare the table showing the balances presently reported for Inventory and Cost of Goods Sold, and then displaying the adjustment(s) needed to correctly account for each of items (a)-(d), and finally determining the appropriate Inventory and Cost of Goods Sold balances. (Enter any decreases to account balances with a minus sign.)Step by Step Solution
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