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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. Date January 1 January 10 January 201 January 25 January 30 Specific Id Total Activities Beginning inventory Sales Purchase Sales Purchase Totals Beginning inventory Purchases: January 20 January 30 The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification. (b) weighted average, (c) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Weighted Average FIFO Units Acquired at Cost 185 units @ $11.00 100 units @ $ 10.00 = $9.50 = LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consis January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. a) Specific Identification # of units 270 units @ 555 units Cost por unit Cost of Goods Available for Sale Cost of Goods Available for Sale $ 2,035 1,000 2,565 $ 5,600 Units sold at Retail. 145 units 125 units $ 20.00 e e $ 20.00 270 units Cost of Goods Sold Cost per unit # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory

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 Specific Id Total Activities Beginning inventory Sales Purchase Sales Purchase Totals Beginning inventory Purchases: January 20 January 30 The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification. (b) weighted average, (c) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Weighted Average FIFO Units Acquired at Cost 185 units @ $11.00 100 units @ $ 10.00 = $9.50 = LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consis January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. a) Specific Identification # of units 270 units @ 555 units Cost por unit Cost of Goods Available for Sale Cost of Goods Available for Sale $ 2,035 1,000 2,565 $ 5,600 Units sold at Retail. 145 units 125 units $ 20.00 e e $ 20.00 270 units Cost of Goods Sold Cost per unit # of units sold Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
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. Date January 11 January 101 January 201 January 25 January 30 Total Beginning inventory Purchases: January 20 January 301 Activities Beginning inventory Sales Purchase Sales Purchase Totals Weighted Average FIFO The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Units Acquired at Cost 185 units @ $ 11.00- 100 units @ $10.00 = $9.50 = LIFO # of units 270 units @ 555 units Specific Id Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending Inventory consists January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. a) Specific Identification. Cost per unit Cost of Goods Available for Sale $ 2,035 1,000 2,565 $ 5,600 Cost of Goods Available for Sale Units sold at Retail @ e Cost of Goods Sold # of units sold 145 units 125 units 270 units Cost per Cost of Goods unit Sold $ 20.00 $ 20.00 # of units in ending inventory Weighted Average > Ending Inventory Cost per unit Ending Inventory
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. Date January 11 January 101 January 201 January 25 January 30 Total Beginning inventory Purchases: January 20 January 301 Activities Beginning inventory Sales Purchase Sales Purchase Totals Weighted Average FIFO The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Units Acquired at Cost 185 units @ $ 11.00- 100 units @ $10.00 = $9.50 = LIFO # of units 270 units @ 555 units Specific Id Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending Inventory consists January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. a) Specific Identification. Cost per unit Cost of Goods Available for Sale $ 2,035 1,000 2,565 $ 5,600 Cost of Goods Available for Sale Units sold at Retail @ e Cost of Goods Sold # of units sold 145 units 125 units 270 units Cost per Cost of Goods unit Sold $ 20.00 $ 20.00 # of units in ending inventory Weighted Average > Ending Inventory Cost per unit Ending Inventory
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