Calculate Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]
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 240 units. |
|
Date |
Units |
Unit Cost |
Total Cost |
Beginning Inventory |
January 1 |
|
120 |
|
$ |
80 |
|
$ |
9,600 |
|
Purchase |
January 15 |
|
380 |
|
|
90 |
|
|
34,200 |
|
Purchase |
January 24 |
|
200 |
|
|
110 |
|
|
22,000 |
|
|