Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 310 units.

Date

Units

Unit Cost

Total Cost

Beginning Inventory

January 1

140

$85

$

11,900

Purchase

January 15

470

95

44,650

Purchase

January 24

240

115

27,600

Requirement 1:

Calculate the number and cost of goods available for sale. (Omit the "$" sign in your response.)

Number of goods for sale

Cost of goods for sale

Requirement 2:

Calculate the number of units in ending inventory.

Ending inventory

Requirement 3:

Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Round Weighted average cost per unit to two decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

Ending inventory

Cost of goods sold

FIFO

LIFO

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions

Question

A 300N F 30% d 2 m Answered: 1 week ago

Answered: 1 week ago