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 210 units @ $ 13.50 = $ 2,835 Jan. 10 Sales 160 units @ $ 22.50 Jan. 20 Purchase 150 units @ $ 12.50 = 1,875 Jan. 25 Sales 180 units @ $ 22.50 Jan. 30 Purchase 340 units @ $ 12.00 = 4,080 Totals 700 units $ 8,790 340 units Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 360 units, where 340 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 (c) FIFO, and (d) LIFO.
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 210 units @ $ 13.50 = $ 2,835 Jan. 10 Sales 160 units @ $ 22.50 Jan. 20 Purchase 150 units @ $ 12.50 = 1,875 Jan. 25 Sales 180 units @ $ 22.50 Jan. 30 Purchase 340 units @ $ 12.00 = 4,080 Totals 700 units $ 8,790 340 units Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 360 units, where 340 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 (c) FIFO, and (d) LIFO.
Chapter1: Financial Statements And Business Decisions
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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 | 210 | units | @ | $ | 13.50 | = | $ | 2,835 | |||||||
| Jan. | 10 | Sales | 160 | units | @ | $ | 22.50 | ||||||||||
| Jan. | 20 | Purchase | 150 | units | @ | $ | 12.50 | = | 1,875 | ||||||||
| Jan. | 25 | Sales | 180 | units | @ | $ | 22.50 | ||||||||||
| Jan. | 30 | Purchase | 340 | units | @ | $ | 12.00 | = | 4,080 | ||||||||
| Totals | 700 | units | $ | 8,790 | 340 | units | |||||||||||
Exercise 5-5A Periodic: Inventory costing LO P3
Required:
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 360 units, where 340 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 (c) FIFO, and (d) LIFO.
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