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Celtic Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory sys For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and units from beginning inventory Jan. 1 Jan. 10 Jan 25 Jan. 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 60 units 180 units 380 units Units Acquired at Cost $6.00 $5.00 $4.50 $840 $300 $810 $1,950 Units sold at Retail 100 units @ $15 80 units @ $15 180 units The company uses a perpetual Inventory system For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO 4. Determine the cost assigned t 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 cost of goods sold using weighted average.

Celtic Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory sys For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and units from beginning inventory Jan. 1 Jan. 10 Jan 25 Jan. 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 60 units 180 units 380 units Units Acquired at Cost $6.00 $5.00 $4.50 $840 $300 $810 $1,950 Units sold at Retail 100 units @ $15 80 units @ $15 180 units The company uses a perpetual Inventory system For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO 4. Determine the cost assigned t 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 cost of goods sold using weighted average.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Celtic 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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 unts from beginning inventory Date Jan. 10 Jam 20 Jan. 25 Jan. 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 140 units 60 units 180 units 380 units Units Acquired at Cost $6.00 e $5.00 $4.50 $840 $300 $810 $1,950 Units sold at Retail 100 units @ $15 80 units @ $15 180 units The company uses a perpetual inventory system For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 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 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.
Transcribed Image Text:Celtic 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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 unts from beginning inventory Date Jan. 10 Jam 20 Jan. 25 Jan. 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 140 units 60 units 180 units 380 units Units Acquired at Cost $6.00 e $5.00 $4.50 $840 $300 $810 $1,950 Units sold at Retail 100 units @ $15 80 units @ $15 180 units The company uses a perpetual inventory system For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. 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 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.
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