Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory...
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 250 units between January 16 and 23.
Required:
Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods
Homework Answers
FIFO method states that inventory purchased first will be sold first
LIFO method states that inventory purchased later will be sold first
Units in ending inventory = 750-250 = 500 units
FIFO
Ending Inventory = 300*90 + 22,000
= $49,000
Cost of goods sold = Total cost of goods available – ending inventory
= 70,500 – 49,000
= $21,500
LIFO
Ending Inventory = 100*80+200*90 + 22,000
= $48,000
Cost of goods sold = $22,500
Add Answer to:
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory...
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. Units Unit Cost Total Cost Beginning Inventory January 1 140 $ 80 $11,200 January 15 330 90 29,700 January 24 250 110 27,500 Date...
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. Units Unit Cost Total Cost $16,8e0 36,000 21,000 Date Beginning Inventory Purchase Purchase January 1 January 15 January 24 240 450 210 100 Required:...
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 270 units between January 16 and 23. Beginning Inventory Purchase Purchase 6.25 points Units Unit Cost Total Cost 140 $ 75 $10,500 300 85 25,500 240 105 25, 200 January 1...
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 270 units between January 16 and 23. Date Units Unit Cost Total Cost Beginning Inventory January 1 140 $ 75 $ 10,500 Purchase January 15 300 85 25,500 Purchase January 24...
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 units
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...
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
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...
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory cos...
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. Units Unit Cost 120 380 Total Cost 9,600 34,200 22,000 Date Beginning Inventory Purchase Purchase 80 90 January 1 January 15 January 24 200 110 Required: 1. 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 310 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 240 360 200 Unit Cost $ 80 90 118 Total cost $19,200 32.400 22.000 Required: 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 320 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost Total Cost 180 $ 70 $12,600 490 8 0 3 9,200 280 100 28,000 Required: 1....
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. Beginning Inventory Purchase Purchase January 1 January 15 January 24 Units Unit Cost Total Cost 240 $ 75 $18,000 320 85 27,200 240 105 25, 200 3. Calculate the cost...
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. Units Unit Cost Total Cost Beginning Inventory January 1 140 $ 80 $11,200 January 15 330 90 29,700 January 24 250 110 27,500 Date...
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. Units Unit Cost Total Cost $16,8e0 36,000 21,000 Date Beginning Inventory Purchase Purchase January 1 January 15 January 24 240 450 210 100 Required:...
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 270 units between January 16 and 23. Beginning Inventory Purchase Purchase 6.25 points Units Unit Cost Total Cost 140 $ 75 $10,500 300 85 25,500 240 105 25, 200 January 1...
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 units
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...
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
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...
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. Units Unit Cost 120 380 Total Cost 9,600 34,200 22,000 Date Beginning Inventory Purchase Purchase 80 90 January 1 January 15 January 24 200 110 Required: 1. Calculate the number...
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. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 240 360 200 Unit Cost $ 80 90 118 Total cost $19,200 32.400 22.000 Required: 1. Calculate the...
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 Unit Cost Total Cost 180 $ 70 $12,600 490 8 0 3 9,200 280 100 28,000 Required: 1....
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. Beginning Inventory Purchase Purchase January 1 January 15 January 24 Units Unit Cost Total Cost 240 $ 75 $18,000 320 85 27,200 240 105 25, 200 3. Calculate the cost...
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