Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but...
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Accounting
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 Kikis records show the following for the month of January. The company sold 240 units between January 16 and 23.
Date
Units
Unit Cost
Total Cost
Beginning Inventory
January 1
120
$
80
$
9,600
Purchase
January 15
380
90
34,200
Purchase
January 24
200
110
22,000
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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