Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I'm not sure where I'm going wrong, but can you please show me your work so I can understand it. thank you Oahu Kiki tracks
I'm not sure where I'm going wrong, but can you please show me your work so I can understand it. thank you
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 290 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 140 330 250 Unit Cost $ 80 90 110 Total Cost $11,200 29,700 27,500 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. Required 1 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 (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Cost of Ending Cost of Goods Inventory Sold $ 31,100 $ 37,300 FIFO LIFO Weighted Average CostStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started