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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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