need detailed answers Oahu Kiki tracks the number of units purchased and sold throughout each accounting perlod but apples its inventory costing methodat the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month ofJanuary. Sales totaled 280 units.UnitsUnit CostTotal Cost$19,80048,00024,000DateBeginning InventoryPurchaseJanuary 1January 15January 24$ 90220480100Purchase200120Required: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.

According to IFRS, Inventory cost valuation is done based on FIFO, LIFO or Average costing method.

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 Unit Cost Total Cost $19,800 48,000 24,000 220 $ 90 480 100 200 120 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.

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 Unit Cost Total Cost $19,800 48,000 24,000 220 $ 90 480 100 200 120 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.

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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