E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO and Weighted Average Cost [LO7-3] 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 periodic inventory system. Assume Oahu Kiki's records show the following for the mo of January. Sales totalled 290 units. Beginning Inventory Purchase Purchase Number of goods available for sale Cost of goods available for sale Date January 1 January 15 430 January 24 225 Required: 1. Calculate the number and cost of goods available for sale. Ending inventory Units 145 2. Calculate the number of units in ending inventory. FIFO Weighted average units units Ending Cost of Inventory Goods Sold Unit Cost $9.0 9.5 12.0 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO an (b) weighted average cost methods. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) Total Cost $1,305 4,085 2,700

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E7-8A. Inventory Costing Methods The following information is for the Bloom Company for the cur- rent year; the company sells just one product: Units Unit Cost Beginning inventory .. Purchases: 200 $10 Feb. 11 500 14 16 Маy 18 . October 23 400 100 20 At Decemnber 31 there was an ending inventory of 360 units. Assume the use of the periodic inven- tory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost method.

1. 2. 3. E7-8 Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting di abru banon period, December 31. motor borliom goitebo voloval doidW CHAPTER 7 Inventory and Cost of Goods Sold LO 7-3 Transactions a. Inventory, Beginning Bib qulwollel silT mstave osm sibonaq 300 For the year:ensaxe b. Purchase, April 11 c. Purchase, June 1 (bibal Units moon! Jest Unit Cost $12 sqo :862 18 21iau 000,00 (2E2 sa alinu 0001 nomovar gai Edmosse uus lasieyda rag-tolovni gnib 900 02,102 x 100 POE in amoani 800 vs bnser2 13 15 300 600 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax…