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 at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kikis records show the following for the month of January. Sales totaled 300 units.
Date Units Unit Cost Total Cost
Beginning Inventory January 1 Units: 140 Unit Cost: $ 80 Total Cost: $ 11,200
Purchase January 15 Units: 310 Cost: $90 Total Cost: $27,900
Purchase January 24 Units: 200 Cost: $110 Total Cost: $22,000
Calculate the number and cost of goods available for sale.
Calculate the number of units in ending inventory.
Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
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