ter / Homework Question 7 (of 7) value 14.32 points Oahu Klki tracks the number
ID: 2391190 • Letter: T
Question
ter / Homework Question 7 (of 7) value 14.32 points Oahu Klki 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 240 units Date Units Unit Cost Total Cost Beginning Inventory January 1 120 $ 80 Purchase 9.600 34,200 January 15 380 90 Purchase January 24 200 110 22,000 late the number and cost of goods available for sale. Number of Goods Available for Sale Cost of Goods Available for Sale units 2. Calculate the number of units in ending inventory Iniventory units 0 Type here to searchExplanation / Answer
1) Number of goods available for sale = 120+380+200 = 700 Units
Cost of goods available for sale = 9600+34200+22000 = $65800
2) Ending inventory unit = 700-240 = 460 Units
3) Calculate following :
Cost of ending inventory Cost of goods sold FIFO (200*110+260*90) = 45400 65800-45400 = 20400 LIFO (120*80+340*90) = 40200 65800-40200 = 25600 Weighted average (65800/700*460) = 43240 65800-43240 = 22560Related Questions
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