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. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 240 360 200 Unit Cost $ 80 90 118 Total cost $19,200 32.400 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 cost of ending inventory and cost of goods sold using the (ə) FIFO, (b) LIFO, and (c) weighted average cost methods Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Welighted Average Cost < Required 2 Required)

Answer 1

1	Number of goods available for sale	800
	Cost of goods available for sale	$                 73,600
2	Number of units in Ending Inventory	490
3		Ending Inventory	Cost of goods sold
	FIFO	$                 48,100	$                       25,500
	LIFO	$                 41,700	$                       31,900
	Weighted Average	$                 45,080	$                       28,520
	Workings:
	FIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
	Beginning Inventory	240	$                               80	$     19,200	240	$          80	$     19,200	-	$          80	$                -
	Purchases:
	Jan-15	360	$                               90	$     32,400	70	$          90	$       6,300	290	$          90	$       26,100
	Jan-24	200	$                             110	$     22,000	-	$       110	$              -	200	$        110	$       22,000
		800		$     73,600	310		$     25,500	490		$       48,100
	LIFO	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
	Beginning Inventory	240	$                               80	$     19,200	-	$          80	$              -	240	$          80	$       19,200
	Purchases:
	Jan-15	360	$                               90	$     32,400	110	$          90	$       9,900	250	$          90	$       22,500
	Jan-24	200	$                             110	$     22,000	200	$       110	$     22,000	-	$        110	$                -
		800		$     73,600	310		$     31,900	490		$       41,700
	Weighted Average	Cost of goods available for sale			Cost of goods sold - Periodic			Ending Inventory
	Beginning Inventory	240	$                               80	$     19,200
	Purchases:
	Jan-15	360	$                               90	$     32,400
	Jan-24	200	$                             110	$     22,000
		800	$                         92.00	$     73,600	310	$    92.00	$     28,520	490	$    92.00	$       45,080