Question: Date Units Unit Cost Total Cost Beginning Inventory January 1 240 $ 75 $ 18,000 Purchase January 15 320 85 27,200 Purchase January 24 240
| Date | Units | Unit Cost | Total Cost | |||||||
| Beginning Inventory | January 1 | 240 | $ | 75 | $ | 18,000 | ||||
| Purchase | January 15 | 320 | 85 | 27,200 | ||||||
| Purchase | January 24 | 240 | 105 | 25,200 | ||||||
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 Kikis records show the following for the month of January. Sales totaled 300 units.
- 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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