Acc225 Fundamental Accounting Principles: E6-1 Lakia Corporation reported

Acc225 Fundamental Accounting Principles 
Exercise 6-1 Inventory costing methods - perpetual 
Lakia Corporation reported the following current-year purchases and sales data for its only product 
Date Activities Units Acquired Acquired at Cost Units Sold at Retail 
Jan. 1 Beginning inventory 120 6.00 720 
Jan. 10 Sales (70) 15.00 
Mar. 7 Purchase 200 5.50 1,100 
Mar. 15 Sales (125) 15.00 
28-Jul Purchase 500 5.00 2,500 
Oct. 3 Purchase 375 4.40 1,650 
Oct. 5 Sales (600) 15.00 
Dec. 19 Purchase 100 4.10 410 
Totals 500 6,380 795 

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, (d) LIFO.
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