10 Skipped Oahu Kiki tracks the number of units purchased and sold throughout each accounting period...

Transcribed Image Text:

10 Skipped 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 330 units between January 16 and 23. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 Units 300 Unit Cost $ 90 400 100 January 24 300 120 Total Cost $27,000 40,000 36,000 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO 10 Skipped 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 330 units between January 16 and 23. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 Units 300 Unit Cost $ 90 400 100 January 24 300 120 Total Cost $27,000 40,000 36,000 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Cost of Ending Inventory Cost of Goods Sold FIFO LIFO