Question

Please explain how to do this. Please use typing and not hand writing.

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 240 units between January 16 and 23. Date Units Unit Cost Total Cost $ 80 9e Beginning Inventory Purchase January 1 January 15 January 24 9,600 34, 200 22, eee 128 380 Purchase 280 11e Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold

Answer 1

Answer:

Calculate ending inventory and cost of goods sold
Ending inventory= 120+380+200 -240= 460 units
Cost of goods = 9,600+34,200+22,000 = $65,800
	FIFO	LIFO
Ending inventory	(260*90+200*110)=$45,400	(120*80+140*90+200*110)=$44,200
Cost of goods sold	(120*80+120*90)=$20,400	(240*90)=$21,600
Total	$65,800	$65,800