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 Kiki's records show the following for the month of January. Sales totaled 300 units.
Beginning Inventory Units Unit Cost Total Cost
January 1 140 80 11200
Purchase January 15 310 90 27900
Purchase January 24 200 110 22000
- Calculate the number and cost of goods available for sale
Number of goods available for sale ______________
Cost of goods available for sale ____________
2. Calculate the number of units in ending inventory
________________ units
3. Cost Of Ending Inventory Cost Of goods Sold
FIFO _________ ___________
LIFO ____________ ___________
Weighted Average cost ______________ ____________________
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