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 unitsfrom beginning inventory.DateJanuary 1January 10January 20January 25ActivitiesBeginning inventorySalesPurchaseSalesJanuary 30PurchaseTotalsUnits Acquired at Cost225 units @$ 15.00 =180 units @ $ 14.00 =385 units @ $ 12.00 =790 unitsUnits sold at Retail$ 3,3752,5204,620$ 10,515175 units210 units0$ 24.00$ 24.00385 unitsAssume 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 LIFOComplete this question by entering your answers in the tabs below.SpecificIdentificationWeightedAverageFIFOLIFOComplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Specific IdentificationAvailable for SaleCost of Goods SoldEnding InventoryPurchase DateActivity# of unitsCost PerUnit# of unitssoldCost ofCost Per UnitGoodsSoldEndingInventory-UnitsCost Per UnitEndingInventory-CostJanuary 1January 20January 30Beginning inventoryPurchase2250180DPurchase385이790$ 0D$0Weighted Average >

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

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. 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…
Bonita Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 (a1) 11 18 26 30 280 @ 580 Average-cost per unit $ fel 480 @ 380 $5.90 6.00 380 @ 6.30 fel 6.30 780 @ 6.60 6.80 Sales April 5 12 27 28 480 380 1,160 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.)
[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 270 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 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Identification Purchase Date January 1 January 20 January 30 Complete this question by entering your answers in the tabs below. FIFO Activity Units Acquired at Cost 180 units @ $10.50 = LIFO Available for Sale Beginning inventory Purchase Purchase 110 units 270 units @ 560 units # of units 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…
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 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 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Weighted Average Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = FIFO 140 units Complete this question by entering your answers in the tabs below. LIFO 60 units 180 units 380 units $ 840 300 810 $ 1,950 Units sold at Retail The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO,…
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required:1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,300…
1) Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @$15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales 80 units @$15 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 380 units $ 1,950 180 units Laker uses a perpetual inventory system. 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. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the…
Required information Use the following information for the Exercises 3-7 below. (Algo) [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 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Sales Req 1 Req 2 to 4 Units Acquired at Cost 205 units @ $ 13.00 = 140 units @ $ 12.00 = Complete this question by entering your answers in the tabs below. 310 units @ 655 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 LAKER COMPANY For Month Ended January 31 Weighted Average $ 11.50 = 1. Compute gross profit for the month of January for Laker Company…
Required information Skip to question [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 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 230 units @ $ 15.50 = $ 3,565 January 10 Sales 180 units @ $ 24.50 January 20 Purchase 190 units @ $ 14.50 = 2,755 January 25 Sales 220 units @ $ 24.50 January 30 Purchase 400 units @ $ 14.00 = 5,600 Totals 820 units $ 11,920 400 units Assume the perpetual inventory system is used. Required: Compute gross profit for the month of January for Laker Company for the four inventory methods. Which method yields the highest gross profit? Does gross profit using weighted average fall between that using FIFO and LIFO? If costs were rising…
[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Compute the gross margin for FIFO method. Sales revenue Less: cost of goods sold Gross Margin…
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: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…
Vikrambhai