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 Kiki's records show the following for the month of January. The company sold 240 units between January 16 and 23. DateUnits Unit Cost Total Cost Beginning Inventory January 1120 $ 809,600 34,200 22,000 January 15 380 90 January 24200 110 Purchase 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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