i Saved Help Save & Required information [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 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 205 units @ $ 13.00 = Units sold at Retail $ 2,665 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals 165 units @ $ 22.00 140 units @ $ 12.00 = 310 units @ $ 11.50 = 655 units 1,680 3,565 $ 7,910 145 units @ $ 22.00 310 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 310 units from the January 30 inventory and to cost of goods sold using purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Determine the cost assigned to ending (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Mc Graw Hill Complete this question by entering your answers in the tabs below. 2 # 3 C 54 < Prev SF 17 of 22 Next > G Search or type URL % 5 6 9> W E R T Y S D F G & 27 H ☆ כ 8 00 J ( 9 O K X C V B N M H mand L - + " P { } [ > ? H command option
i Saved Help Save & Required information [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 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 205 units @ $ 13.00 = Units sold at Retail $ 2,665 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals 165 units @ $ 22.00 140 units @ $ 12.00 = 310 units @ $ 11.50 = 655 units 1,680 3,565 $ 7,910 145 units @ $ 22.00 310 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 310 units from the January 30 inventory and to cost of goods sold using purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Determine the cost assigned to ending (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Mc Graw Hill Complete this question by entering your answers in the tabs below. 2 # 3 C 54 < Prev SF 17 of 22 Next > G Search or type URL % 5 6 9> W E R T Y S D F G & 27 H ☆ כ 8 00 J ( 9 O K X C V B N M H mand L - + " P { } [ > ? H command option
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[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 310 units from the January 30 purchase, 5 units from the January 20
purchase, and 30 units from beginning inventory.
Date
January 1
Activities
Beginning inventory
Units Acquired at Cost
205 units @ $ 13.00 =
Units sold at Retail
$ 2,665
January 10
January 20
January 25
January 30
Sales
Purchase
Sales
Purchase
Totals
165 units
@
$ 22.00
140 units @ $ 12.00 =
310 units @ $ 11.50 =
655 units
1,680
3,565
$ 7,910
145 units
@
$ 22.00
310 units
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 310 units from the January 30
inventory and to cost of goods sold using
purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Determine the cost assigned to ending
(a) specific identification,
(b) weighted average,
(c) FIFO, and
(d) LIFO.
Mc
Graw
Hill
Complete this question by entering your answers in the tabs below.
2
#
3
C
54
< Prev
SF
17
of 22
Next >
G Search or type URL
%
5
6
9>
W
E
R
T
Y
S
D
F
G
&
27
H
☆
כ
8
00
J
(
9
O
K
X
C
V
B
N
M
H
mand
L
-
+ "
P
{
}
[
>
?
H
command
option](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5ef591f-446f-463d-b6c1-0a3af4087b48%2Fc9ffab9b-6c12-4427-a9b4-5fec8c913d09%2F0bic62o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:i
Saved
Help
Save &
Required information
[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 310 units from the January 30 purchase, 5 units from the January 20
purchase, and 30 units from beginning inventory.
Date
January 1
Activities
Beginning inventory
Units Acquired at Cost
205 units @ $ 13.00 =
Units sold at Retail
$ 2,665
January 10
January 20
January 25
January 30
Sales
Purchase
Sales
Purchase
Totals
165 units
@
$ 22.00
140 units @ $ 12.00 =
310 units @ $ 11.50 =
655 units
1,680
3,565
$ 7,910
145 units
@
$ 22.00
310 units
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 310 units from the January 30
inventory and to cost of goods sold using
purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Determine the cost assigned to ending
(a) specific identification,
(b) weighted average,
(c) FIFO, and
(d) LIFO.
Mc
Graw
Hill
Complete this question by entering your answers in the tabs below.
2
#
3
C
54
< Prev
SF
17
of 22
Next >
G Search or type URL
%
5
6
9>
W
E
R
T
Y
S
D
F
G
&
27
H
☆
כ
8
00
J
(
9
O
K
X
C
V
B
N
M
H
mand
L
-
+ "
P
{
}
[
>
?
H
command
option
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