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 Kikis records show the following for the month of January. Sales totaled 340 units.

Date

Units

Unit Cost

Total Cost

Beginning Inventory

January 1

200

$

80

$

16,000

Purchase

January 15

500

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.

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

Students also viewed these Accounting questions