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 Units Unit Cost Total Cost January 1 140 $ 85 January 15 470 January 24 240 $11,900 95 44,650 115 27,600 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO
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 Units Unit Cost Total Cost January 1 140 $ 85 January 15 470 January 24 240 $11,900 95 44,650 115 27,600 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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