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Please explain how you get your results. Thank you. Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies
Please explain how you get your results. Thank you.
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 320 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost Total Cost 260 $ 85 $22,100 420 95 39,900 220 115 25,300 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. 900 units Number of Goods Available for Sale Cost of Goods Available for Sale $ 87,300 Calculate the number of units in ending inventory. Ending Inventory units Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average CostStep by Step Solution
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