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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 Kiki's records show the following for the month of January. Sales totaled 260 units.
Date Units Unit Cost Total CostBeginning InventoryJanuary 1 100$ 75$ 7,500PurchaseJanuary 15 360 95 34,200PurchaseJanuary 24 240 115 27,600
Calculate the cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
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