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Home > Business & Careers > Accounting   »   Computing Inventory Balances

 
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Old Jun 2, 2007, 01:51 AM
superhomer1221
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Computing Inventory Balances

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 @ $6.00 = $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.

(a)
(b) $2,350
(c)
(d) $2,498


I've got the weighted average and the LIFO, just not sure how to come up with the other two, please help.

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