Oahu Kiji tracks the number units purchased and sold throughout each accounting period but applies it’s inventory costing method at the end of each month uses periodic inventory

Oahu Kiji tracks the number units purchased and sold throughout each accounting period but applies it’s inventory costing method at the end of each month uses periodic inventory.,assume KIki’s records show the following for the month of janauarsy. Sales totaled 310

BI January 1 240 units cost $80 total 19200

Purchase January 15 360 units cost 90 total 32400 . Purchase January 14 200 units cost 110 total cost 22000. Sales total 310

Number of goods available for said 800 units and cost of goods is 73,600

What would my ending inventory be and why/how?

Use FIFO, LIFO and weighted average

Solutions

Expert Solution

Oahu Kiji tracks

FIFO Method

Date	Goods Purchase(units @ Price)	Cost of goods Sold(unit@ Price)	Inventory(unit@ Price)	Balance($)
Jan 1			240 @ $80	$19200
jan 15	360 @ $90		240@ $80 360@ $90	$51600
Jan 14	200 @$110		240@ $80 360@ $90 200 @ $110	$73600
		240 @ $80 70 @ $90	290@ $90 200 @ $110	$48100

LIFO Method

Date	Goods Purchase(units @ Price)	Cost of goods Sold(unit@ Price)	Inventory(unit@ Price)	Balance($)
Jan 1			240 @ $80	$19200
jan 15	360 @ $90		240@ $80 360@ $90	$51600
Jan 14	200 @$110		240@ $80 360@ $90 200 @ $110	$73600
		110@ $90 200 @ $110	240@ $80 250@ $90	$41700

Weighted Average Method

Date	Goods Purchase(units @ Price)	Cost of goods Sold(unit@ Price)	Inventory(unit@ Price)	Balance($)
Jan 1			240 @ $80	$19200
jan 15	360 @ $90		240@ $80 360@ $90 Average cost is $86	$51600
Jan 14	200 @$110		240@ $80 360@ $90 200 @ $110 Average cost is $92	$73600
		310 @ $92	490 @ $92	$45080

ekkarill92 answered 1 year ago

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