Date Purchases Cost of Goods Sold Inventory Balance
Units @ Cost per Unit = Total Units @ Cost per Unit = Total Units @ Cost per Unit = Total
Jan. 1 120 6.00 720.00
Jan. 10 70 $15.00
Mar. 7 200 5.50 1,100.00
Mar. 15 125 $15.00
Jul. 28 500 5.00 2,500.00
Oct. 3 375 4.40 1,650.00
Oct. 5 600 $15.00
Dec. 19 100 4.10 410.00
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.


never mind I figured it out.

Quote:

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Originally Posted by yathink103

Date Purchases Cost of Goods Sold Inventory Balance
Units @ Cost per Unit = Total Units @ Cost per Unit = Total Units @ Cost per Unit = Total
Jan. 1 120 6.00 720.00
Jan. 10 70 $15.00
Mar. 7 200 5.50 1,100.00
Mar. 15 125 $15.00
Jul. 28 500 5.00 2,500.00
Oct. 3 375 4.40 1,650.00
Oct. 5 600 $15.00
Dec. 19 100 4.10 410.00
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.


nevermind i figured it out.

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I have this question for homework and keep getting 2497.5 as the LIFO ending inventory but the book says the answer is 2498. Am I wrong or are you supposed to round the answer up to get a whole number?

Round it and u get the book answer hun.