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 11January 101January 20January 25January 30ActivitiesBeginning inventorySalesPurchase:SalesPurchaseTotalsUnits Acquired at Coste $6.00 =140 units60 units.180 units.380 units@$5.00-P $ 4.50Exercise 5-3 (Static) Perpetual: Inventory costing methods LO P1$840300810$ 1,950Units sold at Retail@$15@$153. 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.100 units80 units180 unitsRequired: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.

Name: Laker Company reported the following January purchases and sales data
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. For specific identification, ending inventory consists of 180 units from the January 30purchase, 5 units from t

The inventory can be valued using various methods as LIFO, FIFO and weighted average method.LIFO…

Business

Accounting

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 Units Acquired at Cost @ $6.00- @$5.00- $ 4.50 140 units 60 units 180 units 300 units $840 300 810 $ 1,950 Units sold at Retail 100 units. @$15 80 units @$15 180 units Exercise 5-3 (Static) Perpetual: Inventory costing methods LO P1 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 LEO

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 Units Acquired at Cost @ $6.00- @$5.00- $ 4.50 140 units 60 units 180 units 300 units $840 300 810 $ 1,950 Units sold at Retail 100 units. @$15 80 units @$15 180 units Exercise 5-3 (Static) Perpetual: Inventory costing methods LO P1 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 LEO

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

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 290 units. Ending inventory at January 31 totals 130 units. Beginning inventory of January 1. Units 260 Unit Cost $2.40 Purchase on January 9. Units 60 Unit Cost 2.60 Purchase on January 25 Units 100 Unit Cost 2.74 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 91 March 18 March 25 March 29 Total Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals, Required: 1. Compute cost of goods available for sale and the number of units available for sale. Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit # of units 75 units @ $60.60 per unit 130 units @ $62.60 per unit Cost per Unit 500 units Cost of Goods Available for Sale Cost of Goods Available. for Sale Units Sold at Retail 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 units
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. January 1 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Date Goods purchased Cost per unit # of units Units 280 60 100 Unit Cost $ 2.60 2.80 2.94 # of units sold Weighted Average-Perpetual: Cost of Goods Sold Cost per Cost of Goods Sold unit # of units Inventory Balance Cost per unit Inventory Balance
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Cost of Goods Sold Goods purchased Inventory Balance Date Cost per unit # of units Cost per unit Cost of Goods Cost per unit Inventory Balance # of units # of units sold Sold January 1 January 9 Total January 9 January 25
The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
please use all of the methods* specific identification* weighted average* fifo*Lifo
1
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $12.00 = March 14 @ $17.00 = Purchase Sales March 15 July 30 October 5 October 26 @ $22.00 @ $27.00 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 Purchase Sales Purchase Totals July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 250 units 250 400 450 150 1,250 400 units 450 units 150 units 1,250 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. = Cost Per # of units Unit sold $ 3,000 6,800 9,900 4,050 $ 23,750 Cost of Goods Sold Cost Per Unit Units Sold at Retail COGS 200 units 360 units 420 units…
Calculate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320
Can do the FIFO AND THE LIFO and also the weighted average for January 1 January 10 January 20 January 25 January 30 thank you
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…