Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) Date January 01 January 10 January 20 January 25 January 30 Activities Specific Identification Units available 195 units from beginning inventory 120 units purchased on January 20 290 units purchased on January 30 Totals Units Beginning inventory Sales Purchase Sales Purchase Totals For specific identification, ending inventory consists of the following units: Units from beginning inventory Units from purchase of January 20 Units from purchase of January 30 40 Units Acquired at Cost Cost per unit 195 120 290 605 Units $12.00 40 $11.00 $10.50 Total cost Cost of Goods Sold Cost per unit $12.00 $11.00 $10.50 $2,340.00 $1,320.00 $3,045.00 $6,705.00 20 5 290 Total cost $0.00 Units Units. 155 135 290 0 0 Units Sold at Retail Selling price per unit $21.00 $21.00 Ending Inventory Cost per unit $12.00 $11.00 $10.50 Total Sales $3,255.00 $2,835.00 $6,090.00 Total Cost $0.00

Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) Date January 01 January 10 January 20 January 25 January 30 Activities Specific Identification Units available 195 units from beginning inventory 120 units purchased on January 20 290 units purchased on January 30 Totals Units Beginning inventory Sales Purchase Sales Purchase Totals For specific identification, ending inventory consists of the following units: Units from beginning inventory Units from purchase of January 20 Units from purchase of January 30 40 Units Acquired at Cost Cost per unit 195 120 290 605 Units $12.00 40 $11.00 $10.50 Total cost Cost of Goods Sold Cost per unit $12.00 $11.00 $10.50 $2,340.00 $1,320.00 $3,045.00 $6,705.00 20 5 290 Total cost $0.00 Units Units. 155 135 290 0 0 Units Sold at Retail Selling price per unit $21.00 $21.00 Ending Inventory Cost per unit $12.00 $11.00 $10.50 Total Sales $3,255.00 $2,835.00 $6,090.00 Total Cost $0.00

Name: 5 Laker Company reported the following January purchases and sales dat
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Description: 5 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system.Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold usin

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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