Laker Company reported the following January purchases and sales data for Its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @ 15 Jan. 20 Purchase 60 units @ $5.00 = зее Jan. 25 Sales 80 units @ $ 15 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 380 units $1,950 180 units Required: The Company uses a perlodic 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. Determine the cost assigned to ending Inventory and to cost of goods sold using (a) specific identification, (b) welghted average, () FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Weighted Average Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Average Average Cost of Goods # of units Cost per Available for Sale # of units sold Average Cost per Unit Cost of Ending Inventory in ending Cost Goods Sold unit inventory per unit Beginning inventory 140 840 Purchases: Jan. 20 60 300 Jan. 30 180 810

Name: The Company uses a periodic inventory system. For specific identificat
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Description: The Company uses a periodic 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. Determine the cost

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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The Company uses a periodic 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. 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.

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

Laker Company reported the following January purchases and sales data for Its only product.
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan. 1 Beginning inventory
140 units @ $6.00 = $
840
Jan. 10 Sales
100 units @ 15
Jan. 20 Purchase
60 units @ $5.00 =
зее
Jan. 25 Sales
80 units @ $ 15
Jan. 30 Purchase
180 units @ $4.50 =
810
Totals
380 units
$1,950
180 units
Required:
The Company uses a perlodic 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. Determine the cost assigned to
ending Inventory and to cost of goods sold using (a) specific identification, (b) welghted average, () FIFO, and (d) LIFO.
Complete this question by entering your answers in the tabs below.
Weighted
Average
Specific Id
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
b) Weighted Average
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
# of units Average
Average Cost of Goods
# of units Cost per Available for
Sale
# of units
sold
Average
Cost per
Unit
Cost of
Ending
Inventory
in ending
Cost
Goods Sold
unit
inventory
per unit
Beginning inventory
140
840
Purchases:
Jan. 20
60
300
Jan. 30
180
810

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