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 Kiki's records show the following for the month of January. Sales totaled 280 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 220 480 200 Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Unit Cost $.90 Junts 100 120 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Total Cost $ 19,800 48,000 24,000

Akira Company had the following transactions for the month.   Numberof Units TotalCost Beginning inventory 140     $1,400   Purchased Mar. 31 190     2,280   Purchased Oct. 15 160     2,400   Total goods available for sale 490     6,080   Ending inventory 70     ?   Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $29 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.   Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3

CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of $80/unit. A summary of purchases and sales during the month of May are as follows: Date May 2 May 6 May 10 May 19 May 23 May 30 Units Unit Cost Purchased Units sold $83 $85 $88 Multiple Choice $102,700 $105,600 1,200 $99,600 800 Assume that CAISCO Sales Inc. uses a periodic inventory system. What is the value of ending inventory using FIFO? $97,500 300 400 900 500 None of the other alternatives are correct

Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 460 5,710 Ending inventory 50 Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %24 %24

Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Units 2,000 1,000 6,000 S 3,000 8,000 5,000 $ Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average cost. (Round "Cost per Unit" to 2 decimal places.) Unit Cost $ 45 47 Answer is complete but not entirely correct. LIFO Weighted Average Cost 764,000 194,250 147,000 FIFO 764,000 $ 343,000 421,000 $ 49 764,000 343,000 147,000

Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $14 per unit. Transactions Unit Cost Inventory, January 1 $ 5.00 Units 190 Total Cost $ 950 Sale, January 10 (140) Purchase, January 12 5.50 240 1,320 Sale, January 17 (100) Purchase, January 26 6.50 70 455 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. Weighted average cost. b. First-in, first-out. c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. 2-a. Of the four methods, which will…

please answer all parts within 30 minutes.

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units.    Units Unit Cost Beginning inventory on January 1 280 $ 2.60   Purchase on January 9 60   2.80   Purchase on January 25 100   2.94     Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.

Check my work 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 Kiki's records show the following for the month of January. Sales totaled 250 units. Beginning Inventory Date January 1 Units Unit Cost 100 $ 80 Total $ 8, Purchase January 15 450 90 40, Purchase January 24 200 110 22, Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted Average Cost

Orion Iron Corporation 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 period, December 31. Transactions a. Inventory, Beginning For the year: Units 350 Unit Cost $ 12 b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $18,300 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? 800 850 350…