[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 aperpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.DateJanuary 1January 10January 201January 25January 30ActivitiesBeginning inventorySalesPurchase.SalesPurchaseTotalsSalesCost of goods soldGross profitelow.Complete this question by entering your answers in the tabs below.LAKER COMPANYFor Month Ended January 31SpecificWeightedIdentificationAverageUnits Acquired at Cost.@ $6.00 =@ $5.00@ $ 4.50 =140 units60 units180 units380 units1. Compute gross profit for the month of January for Laker Company for the four inventory methods.$0 $Req 14 answ.Compute gross profit for the month of January for Laker Company for the four inventory methods. (Round cost per unit to 2decimal places and final answers to the nearest whole dollars.)0 $FIFO0 $$ 840300LIFO810$1,9500Units sold at Retail100 units@ $ 1580 units@ $ 15180 units

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Description: [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 aperpetual inventory system. For specific identification, ending invent

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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 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 201 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Sales Cost of goods sold Gross profit Complete this question by entering your answers in the tabs below. clow. 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. Isot LAKER COMPANY For Month Ended January 31 Weighted Average Specific Identification $ Units Acquired at Cost. @ $6.00 = @ $5.00 = @ $ 4.50 = 140 units 60 units 180 units 380 units Req 1 4 answ Compute gross profit for the month of January for Laker Company for the four inventory methods. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) 0$ 0 $ FIFO 0 $ $ 840 300 LIFO 810 $1,950 0 Units sold at Retail 100 units 80 units @ $ 15 @$15 180 units

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 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 201 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Sales Cost of goods sold Gross profit Complete this question by entering your answers in the tabs below. clow. 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. Isot LAKER COMPANY For Month Ended January 31 Weighted Average Specific Identification $ Units Acquired at Cost. @ $6.00 = @ $5.00 = @ $ 4.50 = 140 units 60 units 180 units 380 units Req 1 4 answ Compute gross profit for the month of January for Laker Company for the four inventory methods. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) 0$ 0 $ FIFO 0 $ $ 840 300 LIFO 810 $1,950 0 Units sold at Retail 100 units 80 units @ $ 15 @$15 180 units

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you please explain how to get the Cost of Goods Solds category using LIFO?
[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 215 units @ $ 14.00 = 160 units 355 units 730 units @ @ $ 13.00 = $ 11.00 = Units sold at Retail $ 3,010 2,080 3,905 $ 8,995 355 units 165 units 190 units @ @ $23.00 $23.00 Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were…
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Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
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 190 units from the January 30 purchase, 5 units from from beginning inventory. January 20 purchase, and 20 units Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals ume the perpetual inventory system is used. uired: Specific Weighted entification Average Units Acquired at Cost $ 7.00 = $ 6.00 = FIFO 145 units @ 70 units @ 190 units @ 405 units Complete this question by entering your answers in the tabs below. LIFO $5.50 = $ 1,015 420 1,045 $ 2,480 Units sold at Retail 105 units 85 units 190 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 and…