Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Units sold at Retail Date January 1 Activities Beginning inventory 165 units Units Acquired at Cost $9.00 $1,485 January 10 Sales 125 units $18.00 January 20 January 25 January 30 Purchase Sales Purchase Totals 110 units $8.00- 880 125 units P $18.00 250 units. $7.50- 525 units 1,875 $ 4,240 250 units
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Units sold at Retail Date January 1 Activities Beginning inventory 165 units Units Acquired at Cost $9.00 $1,485 January 10 Sales 125 units $18.00 January 20 January 25 January 30 Purchase Sales Purchase Totals 110 units $8.00- 880 125 units P $18.00 250 units. $7.50- 525 units 1,875 $ 4,240 250 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required Information
[The following Information applies to the questions displayed below]
Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units
from beginning inventory.
Date
January 1
January 101
January 20
January 25
Sales
Purchase
Sales
January 36
Purchase
Totals
Activities
Beginning inventory
165 units
Units Acquired at Cost
$9.00
Units sold at Retail
$1,485
110 units
$ 8.00-
880
125 units
125 units
B
P
$ 18.00
$ 18.00
250 units@
$7.50-
525 units
1.875
$ 4,240
250 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
Complete this question by entering your answers in the tabs below.
Specific
Identification
Weighted
Average
FIFO
LIFO
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Specific Identification
Available for Sale
Cost of Goods Sold
Ending Inventory
Purchase Date
Activity
of units
Cost Per
Unit
of units
sold
Cost Per Unit
Cost of
Goods
Sold
Ending
Inventory.
Units
Cost Per Unit
Ending
Inventory-Cost
January 11
January 20
January 30
Beginning inventory
165
Purchase
110
Purchase
250
525
0
$
0
0
$
0
SpecificlónAMERAY
Weighted Average >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d675265-f3b5-41a3-9e34-8f4ba03ddb9f%2F9151497a-44d5-4cb0-8fc8-03b638c340eb%2F3kpmcst_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following Information applies to the questions displayed below]
Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units
from beginning inventory.
Date
January 1
January 101
January 20
January 25
Sales
Purchase
Sales
January 36
Purchase
Totals
Activities
Beginning inventory
165 units
Units Acquired at Cost
$9.00
Units sold at Retail
$1,485
110 units
$ 8.00-
880
125 units
125 units
B
P
$ 18.00
$ 18.00
250 units@
$7.50-
525 units
1.875
$ 4,240
250 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
Complete this question by entering your answers in the tabs below.
Specific
Identification
Weighted
Average
FIFO
LIFO
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Specific Identification
Available for Sale
Cost of Goods Sold
Ending Inventory
Purchase Date
Activity
of units
Cost Per
Unit
of units
sold
Cost Per Unit
Cost of
Goods
Sold
Ending
Inventory.
Units
Cost Per Unit
Ending
Inventory-Cost
January 11
January 20
January 30
Beginning inventory
165
Purchase
110
Purchase
250
525
0
$
0
0
$
0
SpecificlónAMERAY
Weighted Average >
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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:
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