Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales 225 units @ $15.00 = $ 3,375 Units sold at Retail January 20 Purchase 180 units @ $ 14.00 = 2,520 175 units @ $24.00 January 25 Sales Purchase January 30 385 units @ $ 12.00 = 4,620 210 units @ $24.00 Totals Units Acquired at Cost 790 units $ 10,515 385 units Assume the perpetual inventory system is used. Required:. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 12. 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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales 225 units @ $15.00 = $ 3,375 Units sold at Retail January 20 Purchase 180 units @ $ 14.00 = 2,520 175 units @ $24.00 January 25 Sales Purchase January 30 385 units @ $ 12.00 = 4,620 210 units @ $24.00 Totals Units Acquired at Cost 790 units $ 10,515 385 units Assume the perpetual inventory system is used. Required:. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 12. 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.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Step 1: Meaning of inventory, inventory valuation and different methods of inventory valuation :
VIEWStep 2: (1) Complete the table under specific identification method :
VIEWStep 3: (2) Determine the cost assigned to ending inventory and cost of goods sold using weighted average:
VIEWStep 4: (3) Determine the cost assigned to ending inventory and to cost of goods sold using FIFO:
VIEWSolution
VIEWTrending now
This is a popular solution!
Step by step
Solved in 5 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning