Question

E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3) 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 240 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost 120 S80 389 90 200 118 Total Cost S9.600 34,200 22,000 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, (LIFO, 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 cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods Cost of Ending Inventory Cost of Goods Sold FIFO LIFO Weighted Average Cost < Required 2
just answer requird 3

Answer 1

	Units	Unit cost	Total
Jan 1	120	80	9600
Jan 15	380	90	34200
Jan 24	200	110	22000
Total	700		65800
Average cost	94	=65800/700
Ending inventory units	460	=700-240
3
FIFO:
Cost of ending inventory	45400	=(200*110)+(460-200)*90
Cost of goods sold	20400	=65800-45400
LIFO:
Cost of ending inventory	40200	=(120*80)+(460-120)*90
Cost of goods sold	25600	=65800-40200
Weighted Average cost:
Cost of ending inventory	43240	=460*94
Cost of goods sold	22560	=65800-43240