Compute cost of ending inventory and the cost of goods sold

Assignment Help Accounting Basics

Reference no: EM131931628

Problem

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume Oahu Kiki's records show the following for the month of January. The company sold 340 units between January 16 and 23.

	Date	Units		Unit Cost		Total Cost
Beginning Inventory	January 1		200	$	80	$	16,000
Purchase	January 15		500		90		45,000
Purchase	January 24		300		110		33,000

Required:

Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.

Reference no: EM131931628

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