Subject: #5pokwi0rencesTERequired information.[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 aperpetual inventory system. For specific identification, ending inventory consists of 210 units from the January 30purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory.Date:January 1January 10January 201January 25January 30,View transaction fistActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotalsJournal entry worksheet12Record the sale of goods.Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses aperpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.5Units Acquired at Cost155 units @ $8.0090 units @210 units @455 units$7.00 =$6.506< Prev6$1,2406301,365$ 3,2358 9of 16Units sold at Retail@@#115 units95 units210 units$ 17.00$ 17.00Nevt. View transaction listJournal entry worksheet<12Record the sale of goods.DateJanuary 103Note: Enter debits before credits.Record entry45General JournalClear entry6DebitCreditView general journal

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Description: Subject: #5pokwi0rencesTERequired information.[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 aperpetual inventory syste

Using FIFO method, the older inventory is sold first. The cost of goods sold is recorded with sales…

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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 210 units from the January 30 purchase. 5 units from the January 20 purchase, and 30 units from beginning inventory. Activities Beginning inventory Sales Purchase Sales Purchase Totals Date January 1 January 10 January 20 January 25 January 30 View transaction fist Journal entry worksheet Units Acquired at Cost 155 units @ $ 8.00- 90 units @ $7.00 = $ 6.50 = < 210 units e 455 units $ 1,240 630 1,365 $ 3,235 Units sold at Retail 115 units e e 95 units ecord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. 210 units $ 17.00 $ 17.00

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 210 units from the January 30 purchase. 5 units from the January 20 purchase, and 30 units from beginning inventory. Activities Beginning inventory Sales Purchase Sales Purchase Totals Date January 1 January 10 January 20 January 25 January 30 View transaction fist Journal entry worksheet Units Acquired at Cost 155 units @ $ 8.00- 90 units @ $7.00 = $ 6.50 = < 210 units e 455 units $ 1,240 630 1,365 $ 3,235 Units sold at Retail 115 units e e 95 units ecord journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a erpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. 210 units $ 17.00 $ 17.00

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
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Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
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Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.
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Data on the physical inventory of Ashwood Products Company as of December 31 follow: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column. The first item on the inventory sheet has been completed as an example.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).