Homework Answers
Solution
| Units available for sale | Cost of goods available for sale | ||
| Total | 750 | $ 70,500 |
Requirement 2
Units in ending Inventory 500 Units
Requirement 3
| Cost of Ending inventory | Cost of goods sold | |
| FIFO | $ 49,000 | $ 21,500 |
| LIFO | $ 44,000 | $ 26,500 |
| Weighted average | $ 47,000 | $ 23,500 |
Working
| Units | Cost per unit | value | |
| Beginning Balance | 100 | $ 80.00 | $ 8,000 |
| Purchases | |||
| 450 | $ 90.00 | $ 40,500 | |
| 200 | $ 110.00 | $ 22,000 | |
| Total | 750 | $ 70,500 |
.
| Average Cost of Inventory | ||
| Units | (A) | 750 |
| Total Cost | (B) | $ 70,500 |
| Average Cost | (C=B/A) | $ 94.00 |
.
| FIFO | ||||
| Total Units Available for sale | 750 | |||
| Units Sold | 250 | |||
| Closing Stock in Units | 500 | |||
| Valuation | ||||
| Ending Inventory | 200 | @ | $ 110.00 | $ 22,000 |
| 300 | @ | $ 90.00 | $ 27,000 | |
| Value Of Ending Inventory | $ 49,000 | |||
| Cost of Goods sold | $ 21,500 | |||
| LIFO | ||||
| Total Units Available for sale | 750 | |||
| Units Sold | 250 | |||
| Closing Stock in Units | 500 | |||
| Valuation | ||||
| Ending Inventory | 100 | @ | $ 80.00 | $ 8,000 |
| 400 | @ | $ 90.00 | $ 36,000 | |
| Value Of Ending Inventory | $ 44,000 | |||
| Cost of Goods sold | $ 26,500 | |||
| Weighted Average method | ||||
| Total Units Available for sale | 750 | |||
| Units Sold | 250 | |||
| Closing Stock in Units | 500 | |||
| Valuation | ||||
| Ending Inventory | 500 | @ | $ 94.00 | $ 47,000 |
| Value Of Ending Inventory | $ 47,000 | |||
| Cost of Goods sold | (Total Purchase and opening stock Minus Closing Stock) | $ 23,500 | ||
Add Answer to:
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throughout each accounting period but applies its inventory costing
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system. Assume Oahu Kiki's records show the following for the month
of January Sales totaled 320 units
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...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 units
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...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 320 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost Total Cost 180 $ 70 $12,600 490 8 0 3 9,200 280 100 28,000 Required: 1....
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 270 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost Total Cost 228 $ 85 $18,700 489 95 45,686 288 115 23,800 Required: 1. Calculate the...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 January 1 January 15 January 24 Units Unit Cost Total Cost 240 $ 75 $18,000 320 85 27,200 240 105 25, 200 3. Calculate the cost...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 270 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost 140 $ 75 300 85 240 105 Total Cost $19,5ee 25,500 25, 200 Required: 1. Calculate...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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...
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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 240 units. Beginning Inventory Purchase Purchase Date...
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 240 units. Units Unit Cost 120 380 Total Cost 9,600 34,200 22,000 Date Beginning Inventory Purchase Purchase 80 90 January 1 January 15 January 24 200 110 Required: 1. Calculate the number...
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...
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 320 units
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...
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 units
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...
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 320 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost Total Cost 180 $ 70 $12,600 490 8 0 3 9,200 280 100 28,000 Required: 1....
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 270 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost Total Cost 228 $ 85 $18,700 489 95 45,686 288 115 23,800 Required: 1. Calculate the...
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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 270 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost 140 $ 75 300 85 240 105 Total Cost $19,5ee 25,500 25, 200 Required: 1. Calculate...
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...
just answer requird 3
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