# Answered Essay: Calculate Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-

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

 Date Units Units cost Total Beginning Inventory January 1 120 80 9,600 Purchase January 15 380 90 34,200 Purchase January 24 200 110 22,000 Total 700 65800 Average cost = 65800/700= 94 FIFO: Ending inventory = (260*90)+(200*110)= 45400 Cost of goods sold = 65800-45400= 20400 LIFO: Ending inventory = (120*80)+(340*90)= 40200 Cost of goods sold = 65800-40200= 25600 Weighted average: Ending inventory = 460*94= 43240 Cost of goods sold = 65800-42340= 23460
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