Use the following information for the Exercises 3-7 below. (Algo)The following information applies to the questions displayed below]Laker Company reported the following January purchases and sales data for its only product. For specific identification.ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 unitsfrom beginning inventory.DateJanuary 1ActivitiesBeginning inventory.Units Acquired at Cost155 units @ $ 8.00 =Units sold at Retail$ 1,240January 10January 20January 25January 30SalesPurchase115 units @$ 17.0090 units @$ 7.00 =630SalesPurchaseTotals95 units.@$ 17.00210 units @455 units$ 6.50 =1,365$ 3,235210 unitsExercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1Assume the perpetual inventory system is used.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.

Inventory:The raw materials used to produce goods as well as the goods that are available for sale…

Date eginning entory. Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 155 units @ $ 8.00 = $ 1,240 January 10. January 201 January 25 January 30 Sales Purchase Sales Purchase Totals 115 units @ $ 17.00 90 units @ $ 7.00 = 630 95 units @ $ 17.00 210 units. @ 455 units $ 6.50= 1,365 $ 3,235 210 units.

Date eginning entory. Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 155 units @ $ 8.00 = $ 1,240 January 10. January 201 January 25 January 30 Sales Purchase Sales Purchase Totals 115 units @ $ 17.00 90 units @ $ 7.00 = 630 95 units @ $ 17.00 210 units. @ 455 units $ 6.50= 1,365 $ 3,235 210 units.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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