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 310 units. |
Date | Units | Unit Cost | Total Cost | ||
Beginning Inventory | January 1 | 140 | $85 | $11,900 |
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Purchase | January 15 | 470 | 95 | 44,650 | |
Purchase | January 24 | 240 | 115 | 27,600 | |
Requirement 1: |
Calculate the number and cost of goods available for sale. (Omit the "$" sign in your response.) |
Number of goods for sale |
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Cost of goods for sale |
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Requirement 2: |
Calculate the number of units in ending inventory. |
Ending inventory |
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Requirement 3: |
Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Round Weighted average cost per unit to two decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.) |
Ending inventory | Cost of goods sold | |
FIFO |
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LIFO |
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Weighted Average |
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