 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Inventory costing
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. 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 |
||||
Check out some similar questions!
Inventory Costing
[ 3 Answers ]
Tevin Trader starts a merchandising business on December 1 and enters into three inventory purchases: Dec. 7: 10 units at $6 Dec. 14: 20 units @ $12 Dec. 21: 15 units @ $14 Trader sells 15 units...
Inventory costing. I do not know what to do
[ 2 Answers ]
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....
View more questions Search
| Question Tools | Search this Question |
Add your answer here.
|
