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

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Question

Accounting

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 Kikis records show the following for the month of January. The company sold 240 units between January 16 and 23.

Date Units Unit Cost Total Cost
Beginning Inventory January 1 120 $ 80 $ 9,600
Purchase January 15 380 90 34,200
Purchase January 24 200 110 22,000

Required:

Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.

FIFO LIFO
Cost of Ending Inventory
Cost of Goods Sold

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