Application of lifo fifo and weighted average method of

Assignment Help Financial Accounting
Reference no: EM13356612

Application of LIFO, FIFO and Weighted Average method of Inventory System.

Lakia Corporation reported the following current-year purchases and sales data for its only product:

Date

Activities

Units Aquired at Cost

Units sold at retail

Jan. 1

Beginning Inventory

120 units @ $6=$720

 

Jan. 10

Sales

 

70 units @ $15

Mar. 7

Purchases

200 units @$5.50=1,100

 

Mar. 15

Sales

 

125 units @ $15

July 28

Purchase

500 units@ $5=2,500

 

Oct. 3

Purchase

375 units @ $4.40=1,650

 

Oct. 5

Sales

 

600 units @ $15

Dec.19

Purchase

100 units @ $4.10=410

 

Totals

1,295 units $6,380

795 units


Lakia uses a perpetual inventory system. Ending inventory consists of 500 units, 400 from the July 28 purchase and 100 from the December 19 purchase. Determine the cost assigned to ending inventory and to cost of goods sold using

a) specific identification, 
b) weighted average,
c) FIFO and d) LIFO

Reference no: EM13356612

Questions Cloud

Computation of predetermined overheads using job order : computation of predetermined overheads using job order costing.mason co. uses a job order cost accounting system. at
Computation of contribution margin which is of variable : computation of contribution margin which is of variable costing method income statement.miyamoto jewelers is
Classification of cost in direct material direct labor : classification of cost in direct material direct labor overheads etc.using the code letters below indicate in the space
Description of various terms like product cost period : description of various terms like product cost period costs direct and indirect costs.listed below are nine technical
Application of lifo fifo and weighted average method of : application of lifo fifo and weighted average method of inventory system.lakia corporation reported the following
Analysis of various methods of inventory system and its : analysis of various methods of inventory system and its effect on ending inventory and cost of goods sold.glanville
Effects of fifo and lifo system of inventoriescompany a and : effects of fifo and lifo system of inventories.company a and company b sells the same product. the cost of this product
Effects of lifo and fifo methods of inventory system on : effects of lifo and fifo methods of inventory system on ending inventory.company a and company b sell the same product.
Analysis of various methods of inventory system and its : analysis of various methods of inventory system and its effect on ending inventory and cost of goods sold.glanville

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statements prepared at the end of the year

Total recorded sales were $735,000. The portion of these sales that should be recorded as a tax liability and In the financial statements prepared at the end of the current year

  Evaluate the price of the bonds

Evaluate the price of the bonds at January 1, 2013. Organize the journal entry to record their issuance by The Bradford Company on 1 st January, 2013.

  Finding the circumstance might armstrong use a different

finding the circumstance might armstrong use a different cost accounting system.armstrong helmet company manufactures a

  Sales tax on every dollar of merchandise sold

Wrecker Computing sells merchandise for $5,000 cash on September 30 (cost of merchandise is $2,900). The sales tax law requires Wrecker to collect 4% sales tax on every dollar of merchandise sold

  Prepare a consolidation worksheet as of december

Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 2008 assuming the transaction is treated as a purchase combination.

  Negotiated transfer price among the two divisions

Assuming all of the containers produced by the bottle Division can be sold to outside companies, which of the following is the range at which a negotiated transfer price among the two divisions should occur?

  Prepare common-sized income statements

What is the company's policy regarding revenue recognition and what inventory cost flow assumption it is using and prepare common-sized income statements for the most recent two years, and comment on items which you deem important.

  What is the rate earned on total assets for this company

Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

  What are major regulatory bodies and their functions

Post your response to the following question, using 250 to 300 words: What are the major regulatory bodies and their functions?

  Effect on ending inventory and cost of goods sold

Analysis of various methods of inventory system and its effect on ending inventory and cost of goods sold - Which cost flow method results in (1) the lowest inventory amount for the balance sheet, and (2) the lowest cost of goods sold for the income..

  What is intrinsic price per share or worth of one share

the growth rate will be 6% forever. If the dividend per share last year was Rs. 2 and the investors required rate of return is 10% pa, what is intrinsic price per share or the worth of one share.

  Compare and contrast accounting practices between the two

Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd