Question
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 260 unites. Beginning inventory units 100, units cost 75, total cost 7500 Purchase units 360, units cost 95, total cost 34200 Purchase units 240, units cost 115, total cost 27600. Calculate the cost of ending inventory and cost of goods sold using the FIFO, LIFO, and weighted average cost methods.
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