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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 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date Activities January 20 January 25 January 30 January 1 Beginning inventory 205 January 10 Sales Purchase Sales Units Acquired at Cost Units sold at Retail units Purchase Totals 140 310 655 Assume the perpetual inventory system is used. units units units @ @ @ $ 13.00 = $ 12.00 $ 11.50 $ 2,665 = 1,680 = 3,565 165 units @ $22.00 145 units @ $22.00 $ 7,910 310 units 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.

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date Activities January 20 January 25 January 30 January 1 Beginning inventory 205 January 10 Sales Purchase Sales Units Acquired at Cost Units sold at Retail units Purchase Totals 140 310 655 Assume the perpetual inventory system is used. units units units @ @ @ $ 13.00 = $ 12.00 $ 11.50 $ 2,665 = 1,680 = 3,565 165 units @ $22.00 145 units @ $22.00 $ 7,910 310 units 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.

FINANCIAL ACCOUNTING
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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Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning. inventory. Date Activities Units Acquired at Cost Units sold at Retail units January 1 Beginning inventory 205 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals 140 310 655 units units units @ @ @ $ 13.00 = $ 2,665 $ 12.00 = 1,680 $ 11.50 = 165 units @ 145 units @ 3,565 $ 7,910 310 units $ 22.00 $22.00 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.
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning. inventory. Date Activities Units Acquired at Cost Units sold at Retail units January 1 Beginning inventory 205 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals 140 310 655 units units units @ @ @ $ 13.00 = $ 2,665 $ 12.00 = 1,680 $ 11.50 = 165 units @ 145 units @ 3,565 $ 7,910 310 units $ 22.00 $22.00 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.
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