60.1K

Verified Solution

Link Copied!

E7-7 (Algo) Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] 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 250 units Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 450 200 Unit Cost $ 80 90 110 Total Cost $ 8,000 40,500 22,000 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 (0) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale units Required 2 > E7-7 (Algo) Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3) 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 250 units. Date Total Cost Beginning Inventory January 1 $ 8,000 Purchase January 15 40,500 Purchase January 24 22,000 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, (D) LIFO, and (c) welghted average cost methods. Unito 100 450 200 Unit Cont $ 80 90 110 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number of units in ending inventory Ending Inventory units Required 1 Required 3 > 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 250 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 450 200 Unit Cost $ 80 90 110 Total Cost $ 8,000 40,500 22,000 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, (D) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the () FIFO, (b) LIFO, and (c) weighted average cost methods Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost

Answer & Explanation Solved by verified expert

See Answer