allly live that ky tạo hạt l How in un sulung purvu Juliuvly as purvivo from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Req 1 Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 Req 2 to 4 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? Complete this question by entering your answers in the tabs below. Sales Cost of goods sold Gross profit 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? $ IS Specific Identification Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. Units Acquired at Cost 205 units @ $ 13.00 = 140 units @ $ 12.00 = 310 units @ $ 11.50 = 655 units LAKER COMPANY For Month Ended January 31 Weighted Average 6,820 3,895✔ 2.925 Answer is not complete. $ $ 6,820 $ 3,744 x 3.076 $ FIFO $ 2,665 6,820✔ $ 3,925✔ 2.895 $ LIFO Units sold at Retail 1,680 3,565 $7,910 310 units 6,820 3,744 x 3.076 165 units 145 units @ @ $ 22.00 $ 22.00 3nn3
allly live that ky tạo hạt l How in un sulung purvu Juliuvly as purvivo from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Req 1 Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 Req 2 to 4 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? Complete this question by entering your answers in the tabs below. Sales Cost of goods sold Gross profit 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? $ IS Specific Identification Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. Units Acquired at Cost 205 units @ $ 13.00 = 140 units @ $ 12.00 = 310 units @ $ 11.50 = 655 units LAKER COMPANY For Month Ended January 31 Weighted Average 6,820 3,895✔ 2.925 Answer is not complete. $ $ 6,820 $ 3,744 x 3.076 $ FIFO $ 2,665 6,820✔ $ 3,925✔ 2.895 $ LIFO Units sold at Retail 1,680 3,565 $7,910 310 units 6,820 3,744 x 3.076 165 units 145 units @ @ $ 22.00 $ 22.00 3nn3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
1
Transcribed Image Text:emainly mivenvTY CUISINE VI
from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Assume the perpetual inventory system is used.
Required:
Req 1
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Sales
Cost of goods sold
Gross profit
Sinn unuary purch, S
Req 2 to 4
Complete this question by entering your answers in the tabs below.
$
$
Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1
Specific
Identification
1. Compute gross profit for the month of January for Laker Company for the four inventory methods.
2. Which method yields the highest gross profit?
3. Does gross profit using weighted average fall between that using FIFO and LIFO?
4. If costs were rising instead of falling, which method would yield the highest gross profit?
Compute gross profit for the month of January for Laker Company for the four inventory methods.
Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.
LAKER COMPANY
For Month Ended January 31
Weighted
Average
6,820
3,895
2,925
Units Acquired at Cost
205 units @ $ 13.00 = $ 2,665
140 units @ $ 12.00 =
310 units @ $11.50 =
655 units
X Answer is not complete.
$
6,820
3,744 x
3,076
FIFO
6,820
3,925
2,895
TE VITE
$
$
1,680
3,565
$ 7,910
LIFO
Suury au parenuse, une
6,820
3,744 x
3,076
Units sold at Retail
165 units
145 units
310 units
@
$ 22.00
$ 22.00
UNITE
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