Application of lifo fifo and weighted average method of

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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

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