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 300 units Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost 140 S80 310 200 119 Total Cost $11,200 27.900 22,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. units Number of Goods Available for Sale Cost of Goods Available for Sale Required 2 >

Answer 1

Computation of No. of Unit in Ending Inventory- Oahu Kiki
Unit available for sale	650
Less: Unit sold	300
Ending Inventory	350

Computation of No. and Cost of Goods available for sale
	Unit	Rate	Amount
Beg Inventory	140	80	$11,200.00
Prchase	310	90	$27,900.00
Purchase	200	110	$22,000.00
Total	650		$61,100.00

Part-c

Computation of Cost of Goods Sold & Invenry as per FIFO
Cost of Goods Sold
No. of Unit Sod:- 300 Unit
140 UnitX $80	$11,200.00
160 UnitX $90	$14,400.00
Cost of Goods Sold	$25,600.00
Ending Invenry
(150Unti X $90)+(200 UnitX 110)	$35,500.00
Computation of Cost of Goods Sold & Invenry as per LIFO
Cost of Goods Sold
No. of Unit Sod:- 300 Unit
200 UnitX $110	$22,000.00
100 UnitX $90	$9,000.00
Cost of Goods Sold	$31,000.00
Ending Invenry
(210 Unti X $90)+(140*80)	$30,100.00
Computation of Cost of Goods Sold & Invenry as per WA
Cost of Goods Sold
No. of Unit Sod:- 300 Unit
Cost of Goods Sold (11200+27900+22000)/(140+310+200)	$94.00
Ending Inventory
(350 Unti X $94)	$32,900.00