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Mc Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate compl E7-17 (Algo) (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO [LO 7-S1] 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 270 units between January 16 and 23. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Cost of Ending Inventory Cost of Goods Sold Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. Answer is complete but not entirely correct. LIFO S Unita 140 300 240 FIFO 39,650 $ 21,550 Unit Cost $75 85 105 33.450 27.750 Total Cost $ 10,500 25,500 25,200 Hel
216.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.und.edu%252Fwebapps... er 7 Homework Book Hint Prim nferences Mc Graw PHI E7-18 (Static) (Supplement 7A) Calculating Cost of Ending Inventory and Cost of Goods Sold under Perpetual FIFO and LIFO [LO 7-S1] Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 11 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $19,500 Cost of Ending Inventory Cost of Goods Sold Saved FIFO LIFO Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. < Prev div Units Unit Cost 300 $ 12 900 800 300 600 T 10 of 10 EBE Next > 10 13 Help
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