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 usees a periodic inventory system. Assume Oahu Kiki's records how the following for the month of January. Sales totaled 330 units. Dates Units Unit Cost Total Cost Beginning Inventory January 1 Units 300 Unit Cost $90 Total Cost $27,000 Purchase January 15 Units 400 Unit Cost 100 Total Cost 40,000 Purchase January 24 Units 300 Unit Cost 120 Total Cost 36,000 Required: 1. Calculate the number and cost of goods available for sale Number of Goods Available for Sale Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory. Ending Inventory units 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c)weighted average cost methods. Cost of Ending Inventory FIFO, LIFO, Weighted Average Cost Cost of Goods Sold FIFO, LIFO, Weighted Average Cost
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 usees a periodic inventory system. Assume Oahu Kiki's records how the following for the month of January. Sales totaled 330 units. Dates Units Unit Cost Total Cost Beginning Inventory January 1 Units 300 Unit Cost $90 Total Cost $27,000 Purchase January 15 Units 400 Unit Cost 100 Total Cost 40,000 Purchase January 24 Units 300 Unit Cost 120 Total Cost 36,000 Required: 1. Calculate the number and cost of goods available for sale Number of Goods Available for Sale Cost of Goods Available for Sale 2. Calculate the number of units in ending inventory. Ending Inventory units 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c)weighted average cost methods. Cost of Ending Inventory FIFO, LIFO, Weighted Average Cost Cost of Goods Sold FIFO, LIFO, Weighted Average Cost
Related questions
Oahu Kiki tracks the number of units purchased and soldthroughout each accounting period but applies its inventory costingmethod at the end of each month, as if it uses a periodic inventorysystem. Assume Oahu Kikiâs records show the following for the monthof January. Sales totaled 290 units. |
| Date | Units | Unit Cost | Total Cost | |||||||
| BeginningInventory | January1 | 140 | $ | 80 | $ | 11,200 | ||||
| Purchase | January15 | 330 | 90 | 29,700 | ||||||
| Purchase | January24 | 250 | 110 | 27,500 | ||||||
Calculate the cost of ending inventory and cost of goods soldusing the (a) FIFO, (b) LIFO, and (c)weighted average cost methods.
10.
| Ferris Company began 2016 with 6,000 units of its principalproduct. The cost of each unit is $6. Merchandise transactions forthe month of January 2016 are as follows:
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| Periodic Inventory Method | |||||||||
| Better Bottles, Inc. uses a PERIODIC inventory system and has the following information available: | |||||||||
| Description | # of Units | Cost per Unit | Total Cost | ||||||
| Beginning inventory | 20 | $20.00 | $400 | ||||||
| Jan 5 sold | 15 | ||||||||
| Jan 15 purchase | 27 | $22.00 | 594 | ||||||
| Jan 18 sold | 21 | ||||||||
| Jan 20 purchase | 33 | $30.00 | 990 | ||||||
| Total goods available for sale | 80 | $1,984 | |||||||
| Total goods sold | 36 | ||||||||
| Required: | |||||||||
| 1 | Calculate both Cost of goods sold and Ending inventory using the Periodic FIFO Method. | ||||||||
| 2 | Calculate both Cost of good sold and Ending Inventory using Periodic LIFO Method. | ||||||||
| 3 | Use your calculations from 1-2 and complete the Income Statement. | ||||||||
| The company income tax rate: | 0.25 | ||||||||
| 1 | FIFO Cost of Goods Sold - PERIODIC | ||||||||
| Units Sold Taken From: | # of Units | Cost per Unit | Total Cost | ||||||
| Total Cost of Goods Sold FIFO | |||||||||
| FIFO Ending Inventory - PERIODIC | |||||||||
| Inventory Available | # of Units | Cost per Unit | Total Cost | ||||||
| Beginning inventory | |||||||||
| +Purchase | |||||||||
| +Purchase | |||||||||
| (Less Cost of Goods Sold) | |||||||||
| Ending Inventory FIFO | |||||||||
| 2 | LIFO Cost of Goods Sold - PERIODIC | ||||||||
| Units Sold Taken From: | # of Units | Cost per Unit | Total Cost | ||||||
| Total Cost of Goods Sold LIFO | |||||||||
| LIFO Ending Inventory - PERIODIC | |||||||||
| Inventory Available | # of Units | Cost per Unit | Total Cost | ||||||
| Beginning inventory | |||||||||
| +Purchase | |||||||||
| +Purchase | |||||||||
| (Less Cost of Goods Sold) | |||||||||
| Ending Inventory LIFO | |||||||||
| 3 | Income Statement - Periodic Inventory Method | ||||||||
| FIFO | LIFO | ||||||||
| Sales revenue, net | 25,000 | 25,000 | |||||||
| Cost of goods sold | |||||||||
| Gross profit | |||||||||
| Operating expenses | 8,000 | 8,000 | |||||||
| Operating income before tax | |||||||||
| Income tax expense | |||||||||
| Net income | |||||||||
