Calculate the number and cost of goods available for sale

Reference no: EM131931590

Problem

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 280 units.

	Date	Units		Unit Cost		Total Cost
Beginning Inventory	January 1		220	$	90	$	19,800
Purchase	January 15		480		100		48,000
Purchase	January 24		200		120		24,000

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, (b) LIFO, and (c) weighted average cost methods.

Reference no: EM131931590

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