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

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

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