Evaluate the cost assigned to ending inventory

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Reference no: EM1314265

Inventory Calculation under various methods - Specific Identification, Weighted Average, FIFO & LIFO & Finding value of Cost of Goods sold.

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

Date	Activities	Units Acquired 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 identifacation, b) weighted average, c) FIFO and d) LIFO

Reference no: EM1314265

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