value: 0.00 points Oahu Kiki tracks the number of units purchased and sold throu

Question

value: 0.00 points Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies it inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oah Kiki's records show the following for the month of January. Sales totaled 260 units. Beginning Inventory Purchase Purchase January 1 220 80 $17,600 January 15 48090 January 24 200 110 43,200 22,000 Required: 1. Calculate the number and cost of goods available for sale 900 units Number of Goods Available for Sale Cost of Goods Available for Sale S 82,800 2. Calculate the number of units in ending inventory Ending Inventory 640: units 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost

Explanation / Answer

1 & 2 are correct. Q3 Answer Formula used Cost of ending inventory Cost of goods sold Cost of ending inventory Cost of goods sold FIFO $          21,200 $        61,600 =220*80+40*90 =82800-21200 LIFO $          27,400 $        55,400 =200*110+60*90 =82800-27400 Weighted average $          23,920 $        58,880 =82800/900*260 =82800-23920

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