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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 320 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 260 420 220 Unit Cost $ 85 95 115 Total Cost $22,100 39,900 25,300 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. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. units Number of Goods Available for Sale Cost of Goods Available for Sale $ 87,300 X Answer is not complete. 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 580 units 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 Inventory 59,500 Cost of Goods Sold 27,800 FIFO $ $ LIFO $ 60,100 x Weighted Average Cost
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