Eveluate cost of ending inventory and cost of goods sold

Reference no: EM131931641

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 330 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 180 $ 75 $ 13,500 Purchase January 15 420 85 35,700 Purchase January 24 320 105 33,600.

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: EM131931641

Questions Cloud

What is the expected market value of the stock : ABC corporation's common stock paid a $2/share dividend at 8am this morning. If investor's required rate of return for this stock is 14%.

How much money must you deposit today : You have been accepted into college. The college guarantees that your tuition will not increase for the four years you attend college.

Full existence or a psychological death : How does Frankl's belief in choice and man's search for meaning lead to either a full existence or a psychological death?

Find weighted average cost of capital of able : Able Company's shareholders are receiving a 22.5% return and its bondholders get a 14% return. Based on a 50 percent debt/equity ratio.

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

Describe the promotional mix you will use for your business : Your target market is 13- to 15-year-old girls. Describe the promotional mix you will use for your business.

Discuss the key terminal value issues : According to Carmike's SEC filing, J.P. Morgan got $1.5 million upfront and $10.7 million upon completion of the deal for advising Carmike.

List all relevant costs and when they are incurred : What costs should the decision maker consider as sunk costs? List all relevant costs and when they are incurred.

Explain data collection methods : BSBMKG401 Profile the Market - identify relevant information relating to the Australian Marketing Institute Code of Professional Conduct

User Account

All Pages