Lakia Corporation reported the following current-year purchases and sales data for its only product: kil4

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 check Ending inventory: LIFO, to cost of goods sold using

(a) specific identification,

(b) weighted average,

(c) FIFO, and

(d) FIFO.

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Date Activities Jan. Beginning inventory Units Acquired at Cost 120 units @ $6.00 - $720 Units Sold at Retail 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 ++ 1010 600 units @ $15 Dec. 19 Purchase Totals 100 units @$4.10 1 410 1.295 units $6,380 795 units