1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO.
1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[The following Information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for Its only product.
Date
Activities
Units Acquired at Cost
225 units @ $15.e0 = $ 3,375
Units sold at Retail
Jan. 1 Beginning inventory
Jan. 10 Sales
175 units @ $24.00
Jan. 20 Purchase
180 units @ $14.e0 =
2,520
Jan. 25 Sales
210 units e $24.00
4
Jan. 30 Purchase
350 units @ $13.50 =
4,725
Totals
755 units
$10,620
385 units
The Company uses a perpetual Inventory system. For specific lidentification, ending Inventory consists of 370 units, where
350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory.
Requlred:
1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identificatlon.
2. Determine the cost assigned to ending Inventory and to cost of goods sold using welghted average.
3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal
places.)
Specific Identification
Cost of Goods Sold
Ending Inventory
Available for Sale
Unit
Cost
Units
Sold
Ending
Inventory-
Units
Cost Per
Unit
Ending
Inventory-
Purchase Date
Activity
Units
Unit Cost
COGS
Cost
Beginning inventory
$ 15.00
Jan. 1
225
Jan. 20
Purchase
180
$ 14.00
Jan. 30
Purchase
350
$ 13.50
755
< Required 1
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4726056b-a0d8-4167-a534-8f03670a441a%2Ff5da1099-fedc-4610-8e0c-121d64e57c58%2Foumi5qj_processed.png&w=3840&q=75)
Transcribed Image Text:[The following Information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for Its only product.
Date
Activities
Units Acquired at Cost
225 units @ $15.e0 = $ 3,375
Units sold at Retail
Jan. 1 Beginning inventory
Jan. 10 Sales
175 units @ $24.00
Jan. 20 Purchase
180 units @ $14.e0 =
2,520
Jan. 25 Sales
210 units e $24.00
4
Jan. 30 Purchase
350 units @ $13.50 =
4,725
Totals
755 units
$10,620
385 units
The Company uses a perpetual Inventory system. For specific lidentification, ending Inventory consists of 370 units, where
350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory.
Requlred:
1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identificatlon.
2. Determine the cost assigned to ending Inventory and to cost of goods sold using welghted average.
3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Required 4
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal
places.)
Specific Identification
Cost of Goods Sold
Ending Inventory
Available for Sale
Unit
Cost
Units
Sold
Ending
Inventory-
Units
Cost Per
Unit
Ending
Inventory-
Purchase Date
Activity
Units
Unit Cost
COGS
Cost
Beginning inventory
$ 15.00
Jan. 1
225
Jan. 20
Purchase
180
$ 14.00
Jan. 30
Purchase
350
$ 13.50
755
< Required 1
Required 2 >
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