Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 180 units@ $10.50 = $1,890 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 140 units @ $19.50 Jan. 20 Purchase 110 units@ $ 9.50 = 1,045 Jan. 25 Sales 130 units @ $19.50 Jan. 30 Purchase 260 units@ $ 9.00 = 2,340 Totals 550 units $5,275 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 180 units@ $10.50 = $1,890 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 140 units @ $19.50 Jan. 20 Purchase 110 units@ $ 9.50 = 1,045 Jan. 25 Sales 130 units @ $19.50 Jan. 30 Purchase 260 units@ $ 9.00 = 2,340 Totals 550 units $5,275 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Complete the chart using weighted average method cost
![Required information
Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product.
Activities
Units Acquired at Cost
180 units@ $10.50
Date
Units sold at Retail
Jan.
1 Beginning inventory
$1,890
Jan. 10 Sales
140 units @
$19.50
Jan. 20 Purchase
110 units @ $ 9.50
1,045
Jan. 25 Sales
130 units @
$19.50
Jan. 30 Purchase
260 units @ $ 9.00 =
2,340
Totals
550 units
$5,275
270 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units,
where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff13622a2-0b82-48fb-aeaf-28985a842310%2F64f715a8-b9f2-4c96-be6f-c5249bda64e4%2Fote5k3b_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product.
Activities
Units Acquired at Cost
180 units@ $10.50
Date
Units sold at Retail
Jan.
1 Beginning inventory
$1,890
Jan. 10 Sales
140 units @
$19.50
Jan. 20 Purchase
110 units @ $ 9.50
1,045
Jan. 25 Sales
130 units @
$19.50
Jan. 30 Purchase
260 units @ $ 9.00 =
2,340
Totals
550 units
$5,275
270 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units,
where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Transcribed Image Text:Weighted Average - Perpetual:
Goods Purchased
Cost of Goods Sold
Inventory Balance
# of
Cost per
unit
# of
Cost per
Cost per
Cost of Goods
Inventory
Balance
Date
units
# of units
units
unit
unit
Sold
sold
January 1
180 @ $ 10.50
$ 1,890.00
January 10
January 20
Average cost
January 25
January 30
Totals
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