Question

In: Accounting

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

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 Kiki’s records show the following for the month of January. The company sold 290 units between January 16 and 23.

Date Units Unit Cost Total Cost
Beginning Inventory January 1 240 $ 70 $ 16,800
Purchase January 15 450 80 36,000
Purchase January 24 210 100 21,000

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

Solutions

Expert Solution


Related Solutions

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 Units Unit Cost Total Cost Beginning Inventory January 1 100 $ 80 $ 8,000 Purchase January 15 450 90 40,500 Purchase January 24 200 110 22,000 Required: Calculate the...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 totalled 240 units. Date Units Unit Cost Total Cost   Beginning Inventory January 1 120 $ 8 $ 960   Purchase January 15 380 9 3,420   Purchase January 24 200 11 2,200 1. Calculate the...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 300 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 140 $ 80 $ 11,200 Purchase January 15 310 90 27,900 Purchase January 24 200 110 22,000 Calculate the number...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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. Date Units Unit Cost Total Cost   Beginning Inventory     January 1 300 $ 90 $ 27,000   Purchase     January 15 400 100 40,000   Purchase     January 24 300 120 36,000 Required: 1. Calculate...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 280 units. Date Units Unit Cost Total Cost   Beginning Inventory     January 1 120 $ 85 $ 10,200   Purchase     January 15 380 95 36,100   Purchase     January 24 200 115 23,000 Required: 1. Calculate...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 320 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 260 $ 85 $ 22,100 Purchase January 15 420 95 39,900 Purchase January 24 220 115 25,300 Required: Calculate the...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies...
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 310 units. Date Units Unit Cost Total Cost   Beginning Inventory     January 1 240 $ 80 $ 19,200   Purchase     January 15 360 90 32,400   Purchase     January 24 200 110 22,000 Required: 1. Calculate...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the time of each sale, as if it uses a perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,400 $ 50 Transactions during the year: a. Purchase, January 30 2,100 62 b. Sale, March 14 ($100 each) (1,370...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions   Units Unit Cost   Beginning inventory, January 1 3,400 $ 50   Transactions during the year:   a. Purchase, January 30 4,700 65   b. Sale, March 14 ($100 each) (3,050...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies...
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,600 $ 45 Transactions during the year: a. Purchase, January 30 2,300 49 b. Sale, March 14 ($100 each) (1,250...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT