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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff71d4480-52a5-4dbf-b9ef-b4ea97edbeb3%2F57eb001f-600d-465d-9eb6-2ba6a62170b8%2F2re8g6d_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.
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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