Question

E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost (LO 7-3) 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 120 $ 85 $10,200 380 9 5 36,100 200 115 23,000 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 cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

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Answer 1

700 Answers : Number of Units Availabe for Sales cost of Goods Available for sales Number of Units in ending inventory 69300 420 Method FIFO LIFO Weighted Average Ending invenotry 43900 38700 41580 Cost of Goods Sold 25400 30600 27720 Periodic: FIFO Goods Purchasd Inventory Balance Cost of Goods Sold Cost of # of Units Goods sold Cost Per Unit Sold 120 85 10200 # of Units Cost Per Ending Unit Inventory 85 85 cost of Goods # of Units Cost Per Unit Available for sales Beginning onventory 120 10200 Purchases Jan-15 380 95 36100 Jan-24 200 115 23000 Totals 700 69300 160 220 9515200 115 25400 95 115 200 420 209001 23000 43900 280

85 280 Periodic : LIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost of cost of Goods # of Units Goods Cost Per Ending # of Units Cost Per Unit Available for sales sold Cost Per Unit Sold # of Units Unit Inventory Beginning onventory 120 85 102001 01 120 85 10200 Purchases Jan-15 380) 95 36100 801 95 76001 300 95 28500 Jan-24 2001 115 230001 2001 115 23000 115 Totals 7001 69300 30600 4201 38700 Periodic : Weighted Average Goods Purchasd Cost of Goods Sold Inventory Balance # of Cost of Cost Per cost of Goods # of Units Units Cost Per Unit Goods Cost Per Ending # of Units Unit Available for sales Unit sold Inventory Sold Beginning onventory 120 10200 Purchases o Jan-15 380 9 5 36100 Jan-24 200 23000 Totals 700 99.00 69300 280 99.00 27720 420 99.00 41580 Weighted Average Unit Cost = (69300/700) 99.000 85 115