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With explanation, please. Thank you! Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method
With explanation, please. 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 totalled 290 units. 1 Beginning Inventory Purchase Purchase Date January January 15 January 24 Units 145 430 225 Unit Cost $ 9.0 9.5 12.0 Total Cost $1,305 4,085 2,700 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO and (b) weighted average cost methods. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) Ending Cost of Inventory Goods Sold FIFO Weighted averageStep by Step Solution
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