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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 310 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Cost of Ending Inventory Cost of Goods Sold Units 140 470 240 FIFO Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Unit Cost $85 95 115 LIFO Total Cost $ 11,900 44,650 27,600

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 310 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Cost of Ending Inventory Cost of Goods Sold Units 140 470 240 FIFO Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Unit Cost $85 95 115 LIFO Total Cost $ 11,900 44,650 27,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 310 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Cost of Ending Inventory Cost of Goods Sold Units 140 470 240 FIFO Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Unit Cost $85 95 115 LIFO Total Cost $ 11,900 44,650 27,600
Transcribed Image Text: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 310 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Cost of Ending Inventory Cost of Goods Sold Units 140 470 240 FIFO Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Unit Cost $85 95 115 LIFO Total Cost $ 11,900 44,650 27,600
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