Question

E7-5 Calculating 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 300 units Date Units Unit Cost Total Cost Beginning Inventory January 1 200 January 15 340 January 24 260 Purchase Purchase 70 80 $14,000 27,200 26,000 100 Required 1. Calculate 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 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 Cost of Goods Sold FIFO LIFO Weighted Average Cost