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. \table[[, Date, Units, Unit Cost Total Cost,], [Beginning Inventory, January 1,140, $85,$11,900 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 15 470 January 24 240 Units Unit Cost Total Cost 140 $ 85 95 $11,900 44,650 115 27,600 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

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. \table[[, Date, Units, Unit Cost Total Cost,], [Beginning Inventory, January 1,140, $85,$11,900 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 15 470 January 24 240 Units Unit Cost Total Cost 140 $ 85 95 $11,900 44,650 115 27,600 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

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 6PB: Data on the physical inventory of Katus Products Co. as of December 31 follow: Quantity and cost...

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