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E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost 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 240 units.

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

E7-5
	Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO and Weighted Average Cost
				Date	Units	Unit Cost	Total Cost
		Beginning Inventory		1-Jan	120	$80.00	$9,600.00
	Purchase			15-Jan	380	$90.00	$34,200.00
	Purchase			24-Jan	200	$110.00	$22,000.00
	(1)
				Date	Units	Unit Cost	Total Cost
		Beginning Inventory		1-Jan	120	$80.00	$9,600.00
	Purchase			15-Jan	380	$90.00	$34,200.00
	Purchase			24-Jan	200	$110.00	$22,000.00
	Goods Available for Sale				700	$280.00	$65,800.00
	(2)	Number of units in ending inventory=Cost of Goods available for sale-Sale
	(3)
				Date	Units	Unit Cost	Total Cost
				Date	Units	Unit Cost	Total Cost
				Date	Units	Unit Cost	Total Cost

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