Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

work dahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory.costing method at the end of each

image text in transcribed
image text in transcribed
image text in transcribed
work dahu 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 Kods show the following for the month of January, Salettled 300 units whiti 200 Prie entory may 1 ay 11 muary 14 cat S 00 Tuta 14,4 22,20 26.00 cha 260 10 Required 1. Caleate the number and cost of goods available for sale 2. Calculate the number of unitsin ending inventory clete the cost of ending inventory and cost of goods sold using the FIFO (OUFO, and (c) weighted average cost method Complete this question by entering your answers in the tabs below Rec Retired Feated Caloolate the enter and cost of goods available for sale un No Goods Avisor Sale Cast of Good Available for Sale Required 2 > Oahu ki tracks the number of units purchased and sold throughout each accounting perlod 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 Units Beaning Inventory Purchase Purchase January 1 January 15 January 24 Units 200 340 260 Totalt $ 14,000 27,20 26,000 100 Required: 1. Calculate the number and cost of goods available for sale 2. Calculate the number of unitsin ending inventory 3. Calculate the cost of ending inventory and cost of goods sold using the FIFO UFO, and (c) weighted average cost methods Complete this question by entering your answers in the tabs below. Required 1 Required Required Calculate the number of units in ending inventory units Oahu Kiotracks the number of units purchased and sold throughout each accounting period but applies to 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 Purchase purchase late Sanuary January 15 January 24 uit $0 200 340 2011 Tot 14.000 22. 26, Required: 1. Calculate the number and cost of goods available for sale 2. Calculate the number of unitsin ending inventory 3. Calculate the cost of ending inventory and cost of goods sold using the a/RFO.DUFO and (c) weighted average cost methods Complete the question by entering your answers in the tabs below. Required Required Required a calculate Uw cost of ending inventory and cost of goods sold using the () FIFO (6) UFO, and (c) weighted average cost methods ost of doo tory Cont of Goods Sokl FIFO LIFO Weighted Average Cost (Required 2

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Payroll

Authors: Steven M. Bragg

1st Edition

0471251089, 9780471251088

More Books

Students also viewed these Accounting questions