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Question - 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
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.
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