Homework Help is Here – Start Your Trial Now!
Business
Accounting
and sales data for its only product. For specific identification, ending inventory consists of 216 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 31 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Specific Id Purchase Totals Complete this question by entering your answers in the tabs below. Weighted Average a) Specific Identification Beginning inventory Required: Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. FIFO Units Acquired at Cost 148 units @ $ 6.00 = 68 units @ $5.00 = $ 4.50 = 180 units @ 396 units LIFO # of units Cost per unit Cost of Goods Available for Sale Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory are from the January 30 purchase, 5 are from the January 20 purchase, and 31 are from beginning inventory. Cost of Goods Available for Sale $888 # of units sold 340 Cost per unit Units sold at Retail $15.00 92 units @ 88 units@ $ 15.00 810 $2,038 180 units Cost of Goods Sold Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory

and sales data for its only product. For specific identification, ending inventory consists of 216 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 31 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Specific Id Purchase Totals Complete this question by entering your answers in the tabs below. Weighted Average a) Specific Identification Beginning inventory Required: Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. FIFO Units Acquired at Cost 148 units @ $ 6.00 = 68 units @ $5.00 = $ 4.50 = 180 units @ 396 units LIFO # of units Cost per unit Cost of Goods Available for Sale Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory are from the January 30 purchase, 5 are from the January 20 purchase, and 31 are from beginning inventory. Cost of Goods Available for Sale $888 # of units sold 340 Cost per unit Units sold at Retail $15.00 92 units @ 88 units@ $ 15.00 810 $2,038 180 units Cost of Goods Sold Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
See similar textbooks
icon
Related questions
Topic Video
Question

6

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 216 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 31 are from beginning inventory. Date Activities January 1 Beginning inventory Sales January 10 Purchase January 20 January 25 Sales January 30 Specific Id Purchase Totals Complete this question by entering your answers in the tabs below. January 20 a) Specific Identification Beginning inventory Purchases: Weighted Average FIFO Required: Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 148 units 68 units 180 units @ $ 4.50 396 units LIFO # of units Units Acquired at Cost @ $6.00 = $5.00 = Cost of Goods Available for Sale Cost per unit Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consist- are from the January 30 purchase, 5 are from the January 20 purchase, and 31 are from beginning inventory. Cost of Goods Available for Sale $ 888 # of units sold 340 810 $ 2,038 Cost per unit Units sold at Retail 92 units @ 88 units @ Cost of Goods Sold 180 units $ 15.00 $ 15.00 Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 216 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 31 are from beginning inventory. Date Activities January 1 Beginning inventory Sales January 10 Purchase January 20 January 25 Sales January 30 Specific Id Purchase Totals Complete this question by entering your answers in the tabs below. January 20 a) Specific Identification Beginning inventory Purchases: Weighted Average FIFO Required: Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 148 units 68 units 180 units @ $ 4.50 396 units LIFO # of units Units Acquired at Cost @ $6.00 = $5.00 = Cost of Goods Available for Sale Cost per unit Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consist- are from the January 30 purchase, 5 are from the January 20 purchase, and 31 are from beginning inventory. Cost of Goods Available for Sale $ 888 # of units sold 340 810 $ 2,038 Cost per unit Units sold at Retail 92 units @ 88 units @ Cost of Goods Sold 180 units $ 15.00 $ 15.00 Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 6 steps with 8 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS