Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but ap at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show January. Sales totaled 280 units. Date Units Unit Cost Beginning Inventory Purchase Purchase January 1 January 15 January 24 120 380 200 Total Cost $ 10,200 36,100 23,000 $ 85 95 115 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) we 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) LIFO, and (c) weighted methods. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost < Required 2

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but ap at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show January. Sales totaled 280 units. Date Units Unit Cost Beginning Inventory Purchase Purchase January 1 January 15 January 24 120 380 200 Total Cost $ 10,200 36,100 23,000 $ 85 95 115 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) we 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) LIFO, and (c) weighted methods. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost < Required 2

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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