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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities Beginning inventory 140 units Units Acquired at Cost @ $ 6.00 = Units sold at Retail $ 840 January 10 Sales 100 units @ $ 15 January 20 January 25 Purchase Sales 60 units @ $ 5.00 = 300 80 units @ $ 15 January 30 Purchase Totals 180 units @ $ 4.50 = 810 380 units $ 1,950 180 units Assume the perpetual inventory system is used. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities Beginning inventory 140 units Units Acquired at Cost @ $ 6.00 = Units sold at Retail $ 840 January 10 Sales 100 units @ $ 15 January 20 January 25 Purchase Sales 60 units @ $ 5.00 = 300 80 units @ $ 15 January 30 Purchase Totals 180 units @ $ 4.50 = 810 380 units $ 1,950 180 units Assume the perpetual inventory system is used. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities Beginning inventory 140 units Units Acquired at Cost @ $ 6.00 = Units sold at Retail $ 840 January 10 Sales 100 units @ $ 15 January 20 January 25 Purchase Sales 60 units @ $ 5.00 = 300 80 units @ $ 15 January 30 Purchase Totals 180 units @ $ 4.50 = 810 380 units $ 1,950 180 units Assume the perpetual inventory system is used. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities Beginning inventory 140 units Units Acquired at Cost @ $ 6.00 = Units sold at Retail $ 840 January 10 Sales 100 units @ $ 15 January 20 January 25 Purchase Sales 60 units @ $ 5.00 = 300 80 units @ $ 15 January 30 Purchase Totals 180 units @ $ 4.50 = 810 380 units $ 1,950 180 units Assume the perpetual inventory system is used. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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