Ost assigned to ending inventory and to cost of goods

Assignment Help Accounting Basics

Reference no: EM13153530

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

Date

Date Activities Units Acquired at Cost Units Sold at Retail es Units Acquired at Cost Units Sold at Retail

Jan. 1 Beginning inventory . . . . . . 120 units@ $6.00 = $ 720

Jan. 10 Sales . . . . . . . . . . . . . . . . . . 70 units @ $15

Mar. 7 Purchase . . . . . . . . . . . . . . . 200 units@ $5.50 = 1,100

Mar. 15 Sales . . . . . . . . . . . . . . . . . . 125 units @ $15

July 28 Purchase . . . . . . . . . . . . . . . 500 units@ $5.00 = 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: EM13153530

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