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 320 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 180 490 280 Unit Cost $ 70 Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale 80 100 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. Total Cost $ 12,600 39,200 28,000 Answer is not complete. Complete this question by entering your answers in the tabs below. units

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 320 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 180 490 280 Unit Cost $ 70 Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale 80 100 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. Total Cost $ 12,600 39,200 28,000 Answer is not complete. Complete this question by entering your answers in the tabs below. units

Name: please answer all parts within 30 minutes. Oahu Kiki tracks the number
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Description: please answer all parts within 30 minutes. Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but appliesits inventory costing method at the end of each month, as if it uses a periodic inventory system. AssumeOa

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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