Homework Help is Here – Start Your Trial Now!
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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Activities Units Acquired at Cost 200 units @ $ 12.50 = Date Units sold at Retail $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 160 units $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 Totals 630 units $ 7,295 300 units rcise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 uired: omplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. etermine the cost assigned to ending inventory and to cost of goods sold using weighted average. etermine the cost assigned to ending inventory and to cost of goods sold using FIFO. etermine the cost assigned to ending inventory and to cost of goods sold using LIFO. omplete this question by entering your answers in the tabs below. Weighted Average pecific Id FIFO LIFO mplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Units chase Date Cost Per Unit # of units sold Cost Per Unit Endi Activity # of units COGS Cost Per Unit Inventory $ 31,250 uary 1 uary 20 $ 12.50 $ 11.50 Beginning inventory 200 2,500 $ 12.50 Purchase 130 1,495 $ 11.50 17,193 Jary 30 Purchase 300 $ 11.00 3,300 $ 11.00 36,300 630 7 206 84 743

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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Activities Units Acquired at Cost 200 units @ $ 12.50 = Date Units sold at Retail $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 160 units $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 Totals 630 units $ 7,295 300 units rcise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 uired: omplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. etermine the cost assigned to ending inventory and to cost of goods sold using weighted average. etermine the cost assigned to ending inventory and to cost of goods sold using FIFO. etermine the cost assigned to ending inventory and to cost of goods sold using LIFO. omplete this question by entering your answers in the tabs below. Weighted Average pecific Id FIFO LIFO mplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Units chase Date Cost Per Unit # of units sold Cost Per Unit Endi Activity # of units COGS Cost Per Unit Inventory $ 31,250 uary 1 uary 20 $ 12.50 $ 11.50 Beginning inventory 200 2,500 $ 12.50 Purchase 130 1,495 $ 11.50 17,193 Jary 30 Purchase 300 $ 11.00 3,300 $ 11.00 36,300 630 7 206 84 743

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Practice Pack

Struggling with sepcific identification, thank you in advance.

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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units Acquired at Cost 200 units @ $ 12.50 = Date Activities Units sold at Retail $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units Exercise 5-3 (Algo) 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 LIFO. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Units Purchase Date Cost Per Unit Cost Per Unit Ending Inventory- Cost # of units Activity # of units COGS Cost Per Unit sold January 1 Beginning inventory 200 $ 12.50 2,500 $ 12.50 $ 31,250 January 20 January 30 Purchase 130 $ 11.50 1,495 $ 11.50 17,193 Purchase 300 $ 11.00 3,300 $ 11.00 36,300 630 7,295 $ 84,743 $
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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units Acquired at Cost 200 units @ $ 12.50 = Date Activities Units sold at Retail $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units Exercise 5-3 (Algo) 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 LIFO. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Units Purchase Date Cost Per Unit Cost Per Unit Ending Inventory- Cost # of units Activity # of units COGS Cost Per Unit sold January 1 Beginning inventory 200 $ 12.50 2,500 $ 12.50 $ 31,250 January 20 January 30 Purchase 130 $ 11.50 1,495 $ 11.50 17,193 Purchase 300 $ 11.00 3,300 $ 11.00 36,300 630 7,295 $ 84,743 $
Expert Solution
trending now

Trending now

This is a popular solution!

video

Learn your way

Includes step-by-step video

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS