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

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 330 units Units Unit Cost 180 $ 75 Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 420 85 Total Cost $13,500 35,700 33,600 320 105 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 (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Answer is complete but not entirely correct. 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, (b) LIFO, and (c) weighted methods. FIFO S Cost of Ending Inventory 41,250 48,350 29,700 S Cost of Goods Sold 41,550 34,450 53,100 S S LIFO Weighted Average Cost S

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_2

Step: 3

blur-text-image_3

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

Where Does Money Grow

Authors: Beth McGuinness

1070202150, 978-1070202150

More Books

Students also viewed these Accounting questions

Question

What are the determinants of cash cycle ? Explain

Answered: 1 week ago

Question

6. Are my sources reliable?

Answered: 1 week ago

Question

5. Are my sources compelling?

Answered: 1 week ago