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

90.2K

Verified Solution

Question

Accounting

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 330 units.
\table[[,Date,Units,Unit Cost,Total Cost],[Beginning Inventory,January 1,300,$90,$27,000
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 good sold using the A) FIFO, B) LIFO, and C) weighted average cost methods
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students