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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost 190 units @ $ 7.00 = Units sold at Retail Beginning inventory Sales January 1 January 10 January 20 January 25 January 30 $ 1,330 150 units $ 16.00 Purchase 110 units @ $ 6.00 = 660 Sales Purchase 130 units $ 16.00 280 units e $ 5.50 = 1,540 $ 3,530 Totals 580 units 280 units 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.
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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost 190 units @ $ 7.00 = Units sold at Retail Beginning inventory Sales January 1 January 10 January 20 January 25 January 30 $ 1,330 150 units $ 16.00 Purchase 110 units @ $ 6.00 = 660 Sales Purchase 130 units $ 16.00 280 units e $ 5.50 = 1,540 $ 3,530 Totals 580 units 280 units 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
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r 5 Homework A
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Required information
T 4
[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 280 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
Units Acquired at Cost
190 units @
Units sold at Retail
Beginning inventory
Sales
Purchase
Sales
Purchase
$ 7.00 =
$ 1,330
150 units
$ 16.00
110 units @
$ 6.00 =
660
ok
130 units
$ 16.00
280 units @
580 units
$ 5.50 =
1,540
Totals
$ 3,530
280 units
Required:
nt
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.
nces
Complete this question by entering your answers in the tabs below.
Weighted
Average
Specific Id
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Weighted Average - Perpetual:
Cost of Goods Sold
Goods Purchased
Inventory Balance
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Transcribed Image Text:A ezto.mheducation.com
r 5 Homework A
Saved
Help
Required information
T 4
[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 280 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
Units Acquired at Cost
190 units @
Units sold at Retail
Beginning inventory
Sales
Purchase
Sales
Purchase
$ 7.00 =
$ 1,330
150 units
$ 16.00
110 units @
$ 6.00 =
660
ok
130 units
$ 16.00
280 units @
580 units
$ 5.50 =
1,540
Totals
$ 3,530
280 units
Required:
nt
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.
nces
Complete this question by entering your answers in the tabs below.
Weighted
Average
Specific Id
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Weighted Average - Perpetual:
Cost of Goods Sold
Goods Purchased
Inventory Balance
< Prev
1 2
3
4
of 8
Next >
MacBook Air
80
DI
F2
F3
F4
F5
F6
F7
F8
F9
@
#3
$
&
2
3
4
7
8
Y
S
この
* 00
LL
w/

Transcribed Image Text:02/04/2022 ?:
OA Warren, Charles B 12:00P
TELEMED
A ezto.mheducation.com
5 Homework A
Saved
Help
Save
Required information
Complete this question by entering your answers in the tabs below.
Weighted
Average
Specific Id
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Weighted Average - Perpetual:
Cost of Goods Sold
Goods Purchas
Inventory Balance
Date
Cost per
# of units
Cost per
unit
Cost of Goods
Sold
# of units
# of units
Cost per unit
Inventory Balance
unit
sold
January 1
190 at
$
7.00 =
$
1,330.00
January 10
January 20
es
Average cost January 20
January 25
January 30
Totals
( Specific Id
FIFO >
< Prev
2 3 4
of 8
Next >
MacBook Air
80
DII
F2
F3
F5
F6
F7
FB
F9
F10
@
#3
$
&
3
4
7
8.
W
E
T.
Y
R
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