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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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Units Acquired at Cost 235 units @ $ 16.00 = Units sold at Retail $ 3,760 Sales Purchase Sales Purchase Totals 185 units @ $ 25.00 180 units @ $ 15.00 = 2,700 200 units @ $ 25.00 385 units @ $ 13.00 = 800 units 5,005 $ 11,465 385 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Specific Identification Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units Cost per sold Cost of Goods Sold Cost # of units unit per unit Inventory Balance Inventory Balance January 1 $ 235 at = 16.00 $ 3,760.00

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 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Units Acquired at Cost 235 units @ $ 16.00 = Units sold at Retail $ 3,760 Sales Purchase Sales Purchase Totals 185 units @ $ 25.00 180 units @ $ 15.00 = 2,700 200 units @ $ 25.00 385 units @ $ 13.00 = 800 units 5,005 $ 11,465 385 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Specific Identification Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units Cost per sold Cost of Goods Sold Cost # of units unit per unit Inventory Balance Inventory Balance January 1 $ 235 at = 16.00 $ 3,760.00

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Units Acquired at Cost 235 units @ $ 16.00 = Units sold at Retail $ 3,760 Sales Purchase Sales Purchase Totals 185 units @ $ 25.00 180 units @ $ 15.00 = 2,700 200 units @ $ 25.00 385 units @ $ 13.00 = 800 units 5,005 $ 11,465 385 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Specific Identification Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units Cost per sold Cost of Goods Sold Cost # of units unit per unit Inventory Balance Inventory Balance January 1 $ 235 at = 16.00 $ 3,760.00
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Units Acquired at Cost 235 units @ $ 16.00 = Units sold at Retail $ 3,760 Sales Purchase Sales Purchase Totals 185 units @ $ 25.00 180 units @ $ 15.00 = 2,700 200 units @ $ 25.00 385 units @ $ 13.00 = 800 units 5,005 $ 11,465 385 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Specific Identification Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units Cost per sold Cost of Goods Sold Cost # of units unit per unit Inventory Balance Inventory Balance January 1 $ 235 at = 16.00 $ 3,760.00
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