Reference no: EM132665964

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.

Date            Units           Unit Cost       Total Cost

Beginning Inventory

January 1   240               $75              $18,000

Purchase

January 15    320            85                   27,200

Purchase

January 24     240           105                25,200

Required:

Question 1: Calculate the number and cost of goods available for sale.

Question 2: Calculate the number of units in ending inventory.

Question 3: Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.