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Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but...

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Accounting

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Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 240 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 120 380 Unit Cost $ 80 90 110 Total Cost $ 9,600 34,200 22,000 200 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold

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