Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its
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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 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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