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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Topic Video
Question
Laker Company reported the following January purchases and sales data for its only product.
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.
| Date | Activities | Units Acquired at Cost | Units sold at Retail | |||||||||||||||
| Jan. | 1 | Beginning inventory | 145 | units | @ | $ | 7.00 | = | $ | 1,015 | ||||||||
| Jan. | 10 | Sales | 105 | units | @ | $ | 16.00 | |||||||||||
| Jan. | 20 | Purchase | 70 | units | @ | $ | 6.00 | = | 420 | |||||||||
| Jan. | 25 | Sales | 85 | units | @ | $ | 16.00 | |||||||||||
| Jan. | 30 | Purchase | 190 | units | @ | $ | 5.50 | = | 1,045 | |||||||||
| Totals | 405 | units | $ | 2,480 | 190 | units |
Required:
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.
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.)
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Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
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Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.)
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Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)
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|
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Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Complete this question by entering your anwers in the tabs belew.
ere temetion
(The foowing intormeron apples o me questions osoyed belo
Raquired 1 Required 2 Required 3 Reguired 4
Required 1 Required 2 Required 3 Required
Loier Comoany reponed me fokoing Jenuary purchoses nd saies ceta for is onty product
Determine the cost sEigned to ending imentory and to coat of goods noid uning LIFO. Round coet per unit to 2 decimal placs.)
Date ACtiVitses usts Acoutred at cost units sele at seta
Jan. I Beginning inventory 146 unita S7. - S1,215
D sales
Den. 2 Purchase
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
UNits se t neta
Perpetual LPD
Neighted Averaor - Perpetunt:
Goods Purchaned
105 unsts e s.
Geoda Pashand
of
unit
Contat Gaods Sat
Inntery. Balance
70 unita s6.00. 420
19e uniti sE.e.s
4 units
Cont of Goods Sold
Inventory Baleace
. 23 sales
Sen. 2 Purchase
Cast f unit Cont Cont of Goods t unta Caat per
Coat per
Inventory
Balance
85 unsts e sn.
Date
of unite
nts Inventory
Cost per Cost ofr Goods of units Cost per
per unit
old unt
per unt
Sold
unit
of
Costper
Date
sa,4 T units
unit
Balence
units
unit
Sold
Totals
sold
145
lanuary 1
145es 700 - S1015 0
Jaay 10
The Conpeny uses a perpetue invernory systen. For soecicidentficarion, ending invemory consiss of 215 unis nere 190 are
tom the Januanry 30 purchase, are from the January 20 purchass, and 20 are from beginning inventory
lanuary 10
lanary 20
wry 20
verage cost
lanuary 25
equired
Jay 25
1. Compene he aoieto detemine me cost assigned to ending inernory end cost of goods soid using soecficidentication
2. Denermine the cost assigned o ending invemory ond to cost of gooes soid using eigned veage
. Denemine the cost aigned to ending invemory and to cost of poods soid using RFO.
4. Denemine the cost asipneoo ending invenory ond to cosn of gooes soid using LIFO
lanuary 30
ary 30
Tatais
Complete this question by entering your anwers in the tabe below,
( Required 1
Required 3>
Tata
Renuiret Baquired 2 Regured3 Required 4
( Rugud 3
Cemplete thi questien by entering yeur answer in the tabs belew.
Complete the table te determine the cst anigned to ending inventory and eset of goede sold uning specife identifotion. (Raund cot per unit to
2 decimal piaces)
Spec encation
Requred 1 Raquired 2 Required 3 Required 4
Availsbie for sale
Cost of Goods Sod
Ending nventory
Ending
Unita
Datarmina the cout aipred to ending inventory and to coat of gooda soid using PIPO. (Round coat per unt to 2 decimal plac.)
Unite unit Cant cOGs entoryUnt
Ending
ent
Purchuas Cat
Activity
Unite
Unit
Cont Per
Sold
Cont
Perseual ito
145
Jan 1
an 20
aan 30
leeginng inwertry
Purchase
Terchase
Goad Parshaned
Cantat and Sa
Imentur aan
of
units
Cost of unts Cost Cost of Goods t units Cotper oy
So
Dete
per unt
sold per unt
unit
Belance
415
aary
Requirud 2>
January 10
Janary 20
Janary 25
Janary 30
< Required
Raguired>
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