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Lakia Corporation reported the following current-year purchases and sales data for it
Date Activity 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. Ending inventory: LIFO, $2,498; WA, $2,350 |
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