Question

apple Gaming Home tools TurboTax Free Editi... Funds Post University Homestead/garden.. Saved pter 7 Homework Assignment 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. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 260 420 220 220 Unit Cost $ 85 9 5 115 Total Cost $22,100 39.900 25,300 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. (b) UFO, 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. units Number of Goods Available for Sale Cost of Goods Available for Sale Required 2 >

Answer 1

answers unmber of goods available for sale 900 units 87300 cost of goods available for sale number of units in ending inventory 580 units wantory ending inventory cost of goods sold FIFO LIFO AVG COST 595005250056260 27800 34800 31040

explanation

FIFO periodic ending inventory units unit price total date Jan-01 beginning balance Jan-15 purchases Jan-24 purchases total cost of goods available for sale units unit price total 260 85 22100 420 39900 220 115 25300 900 87300 cost of goods sold units unit price total 260 8522100 60 95 5700 95 360 220 580 115 34200 25300 59500 320 27800 LIFO periodic cost of goods sold units unit price total date Jan-01 beginning balance Jan-15 purchases Jan-24 purchases total 85 cost of goods available for sale units unit price total 260 85 22100 420 39900 220 115 25300 900 87300 ending inventory units unit price 260 320 95 total 22100 30400 95 100 220 320 95 115 9500 25300 34800 580 52500 weighted avg periodic units li cost of goods sold units unit price total 320 97 3 1040 ending inventory units unit price 580 97 total 56260 date Jan-01 beginning balance Jan-15 purchases Jan-24 purchases total cost of goods available for sale unit price total 260 85 22100 420 39900 220 115 25300 900 87300 average cost unit=87300/900=97 31040 580 320 56260