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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
125 units @ $15
July 28
Purchase
500 units@ $5=2,500
Oct. 3
375 units @ $4.40=1,650
Oct. 5
600 units @ $15
Dec.19
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
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