Calculate the number and cost of goods available for sale

Assignment Help Accounting Basics

Reference no: EM131931590

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 280 units.

	Date	Units		Unit Cost		Total Cost
Beginning Inventory	January 1		220	$	90	$	19,800
Purchase	January 15		480		100		48,000
Purchase	January 24		200		120		24,000

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: EM131931590

Questions Cloud

Discuss some of the complex psychological and social factors : Discuss some of the complex psychological and social factors that may influence individuals' decision to engage in safe sex practices

Which alternative would you choose and why : ABC corporation has just sold equipment to a French company exports worth FF 80 million with payment due in 3 months. The spot rate is FF 7.4/$ and the 3 month.

Relay between the brain and spinal cord : What about the brain stem and this is a critical part of the relay between the brain and spinal cord.

Calculate the annual holding cost : The toys use a processor that is imported from Japan. Annual demand for the processor is 12,500. The holding cost per processor per year is $2.

Calculate the number and cost of goods available for sale : Calculate the cost of ending inventory and cost of goods sold. Calculate the number and cost of goods available for sale.

Core of the brain and the neurons : Neurons are brain cells and compare them to computers. If a virus can destroy the core of a computer how could we make an analogy

Describe behaviorism view of learning : Describe behaviorism view of learning. Include the basic components of classical conditioning in your response

Understanding of sensation and perception : Provide one example in real life where the principles of the Stroop Effect may impact your processing speed/accuracy

Which location has the lowest total cost estimate : As the retailer carries different types of lumber, a selling unit is understood as a composite unit of lumber.

User Account

All Pages