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 (a) specific identification, (b) weighted average

FINANCIAL ACCOUNTING
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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 (a) specific identification, (b) weighted average

 

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