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.

Name: Laker Company reported the following January purchases and sales data
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Description: 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 unitsfrom begin

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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