"Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO." Date Activities Units Acquired at Cost Units sold at Retail Units "Cost per unit" Total cost Units Selling price per unit Total Sales January 01 Beginning inventory 140 $6.00 $840 January 10 Sales 100 $15.00 $1,500 January 20 Purchase 60 $ 5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase 180 $4.50 810 Totals 380 $1,950 180 $2,700

"Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO." Date Activities Units Acquired at Cost Units sold at Retail Units "Cost per unit" Total cost Units Selling price per unit Total Sales January 01 Beginning inventory 140 $6.00 $840 January 10 Sales 100 $15.00 $1,500 January 20 Purchase 60 $ 5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase 180 $4.50 810 Totals 380 $1,950 180 $2,700

Name: "Laker Company reported the following January purchases and sales dat
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: "Laker Company reported the following January purchases and sales data for its only product. The Company uses aperpetual inventory system. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO."Date Activities 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

Meman
I need number 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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 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 Assume the perpetual inventory system is used. Required: Units Acquired at Cost @ $6.00 = @ Req 1 140 units 60 units Req 2 to 4 180 units 380 units @ $5.00 = $ 4.50 = Complete this question by entering your answers in the tabs below. $ 840 300 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? 810 $ 1,950 1. Compute gross profit for the month of January for Laker Company for the four…
can you help me solve I am not sure what numbers are suppsed to be put together
ompany reported... Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Activities Date May 1 May 5 Beginning inventory Purchase Units Acquired at Cost 178 units @ $10 = $ 1,780 248 units @ $12 = $ 2,976 May 10 Sales May 15 Purchase 128 units @ $13 = $ 1,664 May 24 Sales Multiple Choice $3,560 $2,740 $2,870 $3,550 $3,680
Dhapa
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Problem 5-1A (Static) Part 2 Ending inventory units Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units 2. Compute the number of units in ending inventory. 120 units 200 units 820 units FO F9
! Connect Required information [The following information applies to the questions displayed below.] Date January 1 January 10 January 20 January 25 January 30 ezto.mheducation.com Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Specific Weighted Identification Average Complete this question by entering your answers in the tabs below. Units Acquired at Cost 200 units @ $ 12.50 = 130 units @ $ 11.50 = $ 11.00 = 300 units @ 630 units FIFO LIFO $ 2,500 1,495 3,300 $ 7,295 Units sold at Retail 160 units @ @ 140 units 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2.…
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 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 Units Acquired at Cost @ $ 14.00 = @ $ 13.00 = 215 units 160 units 355 units 730 units $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $23.00 The Company uses a periodic inventory system. For specific identification, ending inventory consists of 355 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…
s
Urmilaben
go.3