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 Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 140 units @ $ 6.00 = $ 840 January 10 Sales 100 units @ $ 15 January 20 Purchase 60 units @ $ 5.00 = 300 January 25 Sales 80 units @ $ 15 January 30 Purchase 180 units @ $ 4.50 = 810 Totals 380 units $ 1,950 180 units The Company uses a periodic inventory system. 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) 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 Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 140 units @ $ 6.00 = $ 840 January 10 Sales 100 units @ $ 15 January 20 Purchase 60 units @ $ 5.00 = 300 January 25 Sales 80 units @ $ 15 January 30 Purchase 180 units @ $ 4.50 = 810 Totals 380 units $ 1,950 180 units The Company uses a periodic inventory system. 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| January 1 | Beginning inventory | 140 | units | @ | $ 6.00 | = | $ 840 | ||||
| January 10 | Sales | 100 | units | @ | $ 15 | ||||||
| January 20 | Purchase | 60 | units | @ | $ 5.00 | = | 300 | ||||
| January 25 | Sales | 80 | units | @ | $ 15 | ||||||
| January 30 | Purchase | 180 | units | @ | $ 4.50 | = | 810 | ||||
| Totals | 380 | units | $ 1,950 | 180 | units |
The Company uses a periodic inventory system. 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
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