Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

last pic only answer for required 3 500 Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its

last pic only answer for required 3
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
500 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 340 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 200 $ 8 $ 16,000 Purchase January 15 90 45,000 Purchase January 24 110 33,000 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 308 Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale units Required 2 > 200 $ 89 500 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 340 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 $ 16,000 Purchase January 15 90 45,000 Purchase January 24 300 110 33,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number of units in ending inventory. Ending Inventory units >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Trust And Governance Developing Regulation In Europe

Authors: Reiner Quick, Stuart Turley, Marleen Willekens

1st Edition

0415448905, 9780415448901

More Books

Students also viewed these Accounting questions