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problem: Lakia Corporation reported the following current-year buys and sales information for its only product:

Date

Activities

Units Acquired at Cost

Units sold at retail

Jan. 1

Beginning Inventory

120 units @ $6=$720

 

Jan. 10

Sales

 

70 units @ $15

Mar. 7

Purchases

200 units @$5.50=1,100

 

Mar. 15

Sales

 

125 units @ $15

July 28

Purchase

500 units@ $5=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 buys and 100 from the December 19 purchase. find out the cost assigned to ending inventory and to cost of goods sold using

[A] Specific identification;
[B] Weighted average;
[C] FIFO &
[D] LIFO.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922560

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