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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:

Calculate the number and cost of goods available for sale.
Calculate the number of units in ending inventory.
Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

Sagot :

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