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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 Kikis records show the following for the month of January. Sales totaled 250 units.

Date Units Unit Cost Total Cost
Beginning Inventory January 1 100 $ 80 $ 8,000
Purchase January 15 450 90 40,500
Purchase January 24 200 110 22,000

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 Cost of goods sold

FIFO

LIFO

Weighted Average Cost

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