FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 11
January 15
January 24
Units
180
490
280
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.
Required 1 Required 2
Calculate the number and cost of goods available for sale.
Number of Goods Available for Sale
Cost of Goods Available for Sale
Required 3
Unit Cost
$ 70
80
100
Answer is not complete.
Complete this question by entering your answers in the tabs below.
< Required 1
Total Cost
$ 12,600
39,200
28,000
units
Required 2 >
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Transcribed Image Text: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 11 January 15 January 24 Units 180 490 280 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. Required 1 Required 2 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale Required 3 Unit Cost $ 70 80 100 Answer is not complete. Complete this question by entering your answers in the tabs below. < Required 1 Total Cost $ 12,600 39,200 28,000 units Required 2 >
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