Oahu Kiki tracks the number of units purchased and sold throughout each accounti

Question

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 310 units.

Date

Units

Unit Cost

Total Cost

Beginning Inventory

January 1

140

$85

$

11,900

Purchase

January 15

470

95

44,650

Purchase

January 24

240

115

27,600

Requirement 1:

Calculate the number and cost of goods available for sale. (Omit the "$" sign in your response.)

Number of goods for sale

Cost of goods for sale

Requirement 2:

Calculate the number of units in ending inventory.

Ending inventory

Requirement 3:

Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Round Weighted average cost per unit to two decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

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 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 310 units.

Explanation / Answer

2) 800 - 310 = 490 units

3)

FIFO ( COGS) = (240* 80 + 70*90 ) = 25,500

Ending = 73,600 - 25,500 = $48,100

LIFO COGS= (200*110 ) + (110 *90) = $31,900

ending = 73,600 - $31,900 = $41,700

Average cost = $73,600/ 800 = 92

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