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Laker Company reported the following January purchoses and sales data for its only product. Units Acquired at Cost 225 unitse $1s.00 - $ 3,375 Units sold at Retail Date Jan. 1 Beginnng inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Activities 175 units e s24.00 180 unitse $14.00 - 2, 520 210 units s24.00 350 unitse s13. s0 - 4,725 185 units Totals 755 units $10, 620 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the Jonuary 30 purchase, 5 are from the January 20 purchose, and 15 are from beginning inventory. red: plete the table to determine the cost ossigned to ending inventory and cost of goods sold using specific identification. ermine the cost assigned to ending inventory and to cost of goods sold using weighted average. ermine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Laker Company reported the following January purchoses and sales data for its only product. Units Acquired at Cost 225 unitse $1s.00 - $ 3,375 Units sold at Retail Date Jan. 1 Beginnng inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Activities 175 units e s24.00 180 unitse $14.00 - 2, 520 210 units s24.00 350 unitse s13. s0 - 4,725 185 units Totals 755 units $10, 620 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the Jonuary 30 purchase, 5 are from the January 20 purchose, and 15 are from beginning inventory. red: plete the table to determine the cost ossigned to ending inventory and cost of goods sold using specific identification. ermine the cost assigned to ending inventory and to cost of goods sold using weighted average. ermine the cost assigned to ending inventory and to cost of goods sold using FIFO.

FINANCIAL ACCOUNTING
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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Required Information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost 225 unitse $15.08 - $ 3,375 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 175 units e $24. 00 188 units e $14.00 - 2,520 218 units e $24.80 358 units @ $13.50- 4,725 Tatals 755 units $18,628 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Requlred: 1. Complete the table to determine the cost ssigned 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. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Регpetuai FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of unite Cost of Goods Sold Coat # of unite sold Cost per unit Inventory Balance Date Cost # of unite per unit per unit January 1 225 a $ 15.00 = $ 3,375.00 January 10 January 20 January 25 January 30 Totals < Required 2 Required 4 >
Transcribed Image Text:Required Information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost 225 unitse $15.08 - $ 3,375 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 175 units e $24. 00 188 units e $14.00 - 2,520 218 units e $24.80 358 units @ $13.50- 4,725 Tatals 755 units $18,628 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Requlred: 1. Complete the table to determine the cost ssigned 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. Required 1 Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Регpetuai FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of unite Cost of Goods Sold Coat # of unite sold Cost per unit Inventory Balance Date Cost # of unite per unit per unit January 1 225 a $ 15.00 = $ 3,375.00 January 10 January 20 January 25 January 30 Totals < Required 2 Required 4 >
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