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 260 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units. 100 360 240 Required 1 Required 2 Required 3 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. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale Unit Cost $ 75 95 115 < Required 1 units Total Cost $ 7,500 34,200 27,600 Required 2 >
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 260 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units. 100 360 240 Required 1 Required 2 Required 3 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. Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale Unit Cost $ 75 95 115 < Required 1 units Total Cost $ 7,500 34,200 27,600 Required 2 >
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 5.12AMCP
Related questions
Question
Give Calculation For 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 260 units.
Beginning Inventory
Purchase
Purchase
Date
January 1
January 15
January 24
Units.
100
360
240
Required 1 Required 2 Required 3
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.
Calculate the number and cost of goods available for sale.
Number of Goods Available for Sale
Cost of Goods Available for Sale
Unit Cost
$ 75
95
115
< Required 1
units
Total Cost
$ 7,500
34,200
27,600
Required 2
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a7bc500-e455-4d21-9fcf-7f5f7b05fc5b%2Fbf2f2f30-956c-478c-b7c7-80063add342a%2Flwulo7t_processed.png&w=3840&q=75)
Transcribed Image Text: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 260 units.
Beginning Inventory
Purchase
Purchase
Date
January 1
January 15
January 24
Units.
100
360
240
Required 1 Required 2 Required 3
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.
Calculate the number and cost of goods available for sale.
Number of Goods Available for Sale
Cost of Goods Available for Sale
Unit Cost
$ 75
95
115
< Required 1
units
Total Cost
$ 7,500
34,200
27,600
Required 2
>
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for number of units and cost of goods available for sale
VIEWStep 3: Working for number of units in ending inventory
VIEWStep 4: Working for cost of ending inventory and goods sold using FIFO Method
VIEWStep 5: Working for cost of ending inventory and goods sold using LIFO Method
VIEWStep 6: Working for cost of ending inventory and goods sold using Weighted Average Method
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