Week 4 Assignment 4 Financial Accounting - 20770

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c. Weighted average.

b. LIFO.

a. FIFO.

Laird Company sells coffee makers used in business offices. Its beginning inventory of makers was 200 units at $45 per unit. During the year, Laird made two batch purchases of makers. The first was a 300-unit purchase at $50 per unit; the second was a 350-unit purchased at $52 per unit. During the period, Laird sold 800 coffee makers.

Exercise 5-3A Allocating product cost between cost of goods sold and ending

Inventory: multiple purchases

Exercise 5-2A Allocating product cost between cost of goods sold and ending

Inventory.

Week 4 Assignment 4

 

Exercise 5-1A Effect of inventory cost flow assumption on financial statements

Required

For each of the following situations, indicate whether FIFO, LIFO, or weighted average applies.

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