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

image text in transcribed
image text in transcribed
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 300 units Beginning Inventory Purchase Purchase 240 Date January 1 January 15 anuncy 24 Unit kost $75 Total Cost $10,000 27.200 25,200 240 105 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 FIFO (5) LIFO, and weighted average cost methods Complete this question by entering your answers in the tabs below. Required: Required 2 Required Calculate the cost of ending Inventory and cost of goods sold using the () FIFO. (b) LIFO, and (c) wolghted average cost methods Cost of Enduro Cost of Goods FIFO LIFO Weighted Average Cost 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 300 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 240 $ 75 $ 18,000 Purchase January 15 320 85 27,200 Purchase January 24 240 105 25, 200 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 cost of ending inventory and cost of goods sold using the (a) FIFO, (D) LIFO, and (c) weighted average cost methods. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost

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

Discuss the components involved in planning the production process.

Answered: 1 week ago