Laker Company reported the following January purchases and sales data for its only product. For specific Identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase. and 15 are from beginning inventory. Date January 1 Activities Beginning inventory 140 units Units Acquired at Cost $ 6.00 Units sold at Retail $840 January 18 Sales 100 units @ $15 January 20 Purchase January 25 Sales January 30 Purchase Totals 60 units $ 5.00 300 80 units $15 180 units 380 units $ 4.50 310 $1,950 180 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. Weighted Specific Id Average FIFO LIFO Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identification Check
Laker Company reported the following January purchases and sales data for its only product. For specific Identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase. and 15 are from beginning inventory. Date January 1 Activities Beginning inventory 140 units Units Acquired at Cost $ 6.00 Units sold at Retail $840 January 18 Sales 100 units @ $15 January 20 Purchase January 25 Sales January 30 Purchase Totals 60 units $ 5.00 300 80 units $15 180 units 380 units $ 4.50 310 $1,950 180 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. Weighted Specific Id Average FIFO LIFO Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identification Check
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific Identification,
ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase,
and 15 are from beginning inventory.
Date
January 1
January 10
January 20
Activities
Beginning inventory
140 units
Sales
Purchase
60 units.
Units Acquired at Cost
$ 6.00
$ 5.00
Units sold at Retail
$ 840
100 units @ $ 15
300
January 25 Sales
80 units @ $ 15
January 30
Purchase
Totals
180 units
380 units
$ 4.50
810
$1,950 180 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 Id
Weighted
Average
FIFO
LIFO
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific Identification
Prove
Check my
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