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Worksheet Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end
Worksheet 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 330 units. Beginning Inventory Purchase Purchase Required: Date Units Unit Cost Total Cost January January 1 165 $ 9.8 $ 1,617 15 470 January 24 245 9.9 12.8 4,653 3,136 1. Calculate the number and cost of goods available for sale. Number of goods available for sale Cost of goods available for sale units 16+470+245=880 1617 +4653 +3136 2. Calculate the number of units in ending inventory. = 9406 Ending inventory units E1 = Goods Grail. for scle - goods sold 880-330 = 550 330=550 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.)
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