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. DateUnitsUnit CostTotal CostBeginning InventoryJanuary 1 120 $80 $9,600 PurchaseJanuary 15 380 90 34,200 PurchaseJanuary 24 200 110 22,000 Required:Calculate the number and cost of goods available for sale.Calculate the number of units in ending inventory.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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Description: 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

Given that: Sales units = 240 units

Answered: Oahu Kiki tracks the number of units…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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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 240 units.

	Date	Units	Unit Cost	Total Cost
Beginning Inventory	January 1		120		$	80	$	9,600
Purchase	January 15		380			90		34,200
Purchase	January 24		200			110		22,000

Required:

Calculate the number and cost of goods available for sale.
Calculate the number of units in ending inventory.
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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