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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 3 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 185 units $11.00- 100 units $ 10.00- 270 units 555 units $ 9.50- $ 2,035 1,000 2,565 $ 5,600 Units sold at Retail 145 units . 125 units 270 units . $ 20.00 $ 20.00 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.
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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 3 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 185 units $11.00- 100 units $ 10.00- 270 units 555 units $ 9.50- $ 2,035 1,000 2,565 $ 5,600 Units sold at Retail 145 units . 125 units 270 units . $ 20.00 $ 20.00 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![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 270 units from the January 30 purchase,
5 units from the January 20 purchase, and 10 units from beginning inventory.
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. The Company
uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units from the
January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory.
Date
January 1
January 10
January 201
January 25
January 30
Required:
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
185 units $11.00
100 units @
$ 10.00 -
$9.50-
270 units
555 units
Units sold at Retail
145 units @
125 units e
$2,035
1,000
2,565
$ 5,600 270 units
$ 20.00
$20.00
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff54002f3-a6ac-4359-8c66-58264ca1743c%2F0dfe7802-5d5c-4c51-973f-6733c1400df1%2F81mnq22_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 270 units from the January 30 purchase,
5 units from the January 20 purchase, and 10 units from beginning inventory.
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. The Company
uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units from the
January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory.
Date
January 1
January 10
January 201
January 25
January 30
Required:
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
185 units $11.00
100 units @
$ 10.00 -
$9.50-
270 units
555 units
Units sold at Retail
145 units @
125 units e
$2,035
1,000
2,565
$ 5,600 270 units
$ 20.00
$20.00
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.
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