Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 225 units $ 15.00 = $3,375 Units sold at Retail January 10 Sales 175 units $ 24.00 January 20 January 25 January 30 Purchase Sales Purchase Totals 180 units $14.00 = 2,520 210 units 0 $ 24.00 385 units $ 12.00- 790 units 4,620 $ 10,515 385 units

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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[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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units
from beginning inventory.
Date
January 1
January 10
January 20
January 25
Activities
Beginning inventory
Sales
Purchase
Sales
January 30
Purchase
Totals
Units Acquired at Cost
225 units @$ 15.00 =
180 units @ $ 14.00 =
385 units @ $ 12.00 =
790 units
Units sold at Retail
$ 3,375
2,520
4,620
$ 10,515
175 units
210 units
0
$ 24.00
$ 24.00
385 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 of
Cost Per Unit
Goods
Sold
Ending
Inventory-
Units
Cost Per Unit
Ending
Inventory-Cost
January 1
January 20
January 30
Beginning inventory
Purchase
225
0
180
D
Purchase
385
이
790
$ 0
D
$
0
Weighted Average >
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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 Activities Beginning inventory Sales Purchase Sales January 30 Purchase Totals Units Acquired at Cost 225 units @$ 15.00 = 180 units @ $ 14.00 = 385 units @ $ 12.00 = 790 units Units sold at Retail $ 3,375 2,520 4,620 $ 10,515 175 units 210 units 0 $ 24.00 $ 24.00 385 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 of Cost Per Unit Goods Sold Ending Inventory- Units Cost Per Unit Ending Inventory-Cost January 1 January 20 January 30 Beginning inventory Purchase 225 0 180 D Purchase 385 이 790 $ 0 D $ 0 Weighted Average >
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