Determine the cost assigned to ending inventory and to cost, Ask an Expert

Accounting

Lakia Corporation reported the following current-year purchases and sales data for its only product:

Date

Date Activities Units Acquired at Cost Units Sold at Retail es 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.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9443668

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - on january 1 2007 nichols companys inventory of

Question - On January 1, 2007, Nichols Company's inventory of Item X consisted of 2,000 units that cost $8 each. During 2007 the company purchased 5,000 units of Item X at $10, each, and it sold 4,500 units. Periodic inv ...

Question - lionel is an unmarried law student at state

Question - Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from County Bank and paid interest of $1,440. Lionel used the loan proc ...

Question instructions provide complete answers to the

Question: Instructions: Provide complete answers to the following two problems: 1. Prepare the General Ledger journal entries for the General Fund for the Village of Bath for the year ended December 31, 2017. • The budge ...

Question - during 2017 crimson inc purchased 2775000 of

Question - During 2017, Crimson Inc. purchased $2,775,000 of inventory. The cost of goods sold for 2017 was $2,635,938 and the ending inventory at December 31, 2017 was $544,688. What was the inventory turnover for 2017?

Question - prepare journal entries the town records

Question - Prepare journal entries. The Town records encumbrances only for its Supplies appropriation. 1) Lancing adopted the following budget for the year: Revenues: Property taxes $275,000 Licenses and fees $35,000 App ...

Question - tb nelson company prepares monthly financial

Question - TB Nelson Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 40% gross profit rate. During June, net sales amount ...

Question - on april 1 2019 austin corporation issued 300000

Question - On April 1, 2019, Austin Corporation issued $300,000 of 10% bonds at 105. Each $1,000 bond was sold with 25 detachable stock warrants, each permitting the investor to purchase one share of common stock for $17 ...

Question - victorias 2016 tax return was due on april 15

Question - Victoria's 2016 tax return was due on April 15, 2017, but she did not file it until June 12, 2017. Victoria did not file an extension. The tax due on the tax return when filed was $9,400. In 2016, Victoria pai ...

Question provide complete answers to the following two

Question: Provide complete answers to the following two problems: 1. Describe the differences in cash flow statements required by GASB standards when compared with cash flow statements required by FASB standards. 2. The ...

Question - you would like to purchase a car with a list

Question - You would like to purchase a car with a list price of $30,000, and the dealer offers financing over a five-year period at 8%. If you decide to trade in your current car to help reduce the amount of financing r ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert