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Question - Liberty Company reported the following January purchases and sales data for its only product:
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan. 1
Beginning Inventory
140 units @ $7.00 = $980
Jan. 10
Sales
90 units @ $15
Jan. 20
Purchase
220 units @ $6.00 = 1,320
Jan. 25
145 units @ $15
Jan. 30
100 units @ $5.00 = 500
Total
460 units = $2,800
235 units
Liberty uses a perpetual inventory system. Ending inventory consists of 225 units, 100 from the January 30 purchase, 80 from the January 20 purchase, and 45 from beginning inventory.
Requirement 1: Determine the cost assigned to ending inventory and to cost of goods sold using specific identification.
Requirement 2: Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Requirement 3: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Requirement 4: Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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