ABEFH2 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 clickon the Weighted Average, FIFO, and LIFO Tabs below.)3145DateActivitiesUnits Acquired at CostUnitsCostTotal costUnits6per unitUnits Sold at RetailSellingprice perTotal Salesunit7January 01Beginning inventory140$6.00$840008January 10Sales100$15.00$1,5009January 20Purchase60$5.0030010January 25Sales80$15.00$1,20011January 3012PurchaseTotals180$4.50380810$1,950180$2,70013 For specific identification, ending inventory consists of the following units:14Units from beginning inventory15Units from purchase of January 2016Units from purchase of January 301551801718Specific IdentificationCost of Goods SoldEnding InventoryUnits19Units availableCostper unitTotal costUnitsCost perTotal Costunit20140 units from beginning inventory$6.00$6.002160 units purchased on January 20$5.00$5.0022180 units purchased on January 30$4.50$4.5023Totals0$0.000$0.00242526K

Inventory is valued from time to time to be recorded in the books for this valuation several methods…

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 Activities Units Units Acquired at Cost Cost Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 140 $6.00 $840 January 10 January 20 Sales Purchase 100 $15.00 $1,500 60 $5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase Totals 180 $4.50 810 380 $1,950 180 $2,700 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 15 5 180

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 Activities Units Units Acquired at Cost Cost Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 140 $6.00 $840 January 10 January 20 Sales Purchase 100 $15.00 $1,500 60 $5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase Totals 180 $4.50 810 380 $1,950 180 $2,700 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 15 5 180

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 Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 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…
1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Ending Inventory Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00 100 400 $ 22,000.00 120 $ 7,200.00 200 $ 12,400.00 820 $59.80 $ 46,600.00 # of units Average Cost per unit # of units sold Cost of Goods Sold Average Cost per Unit 580 $ 59.80 240 Average Cost per unit $59.80 Ending Inventory $ 14,352
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Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 18 Xbox′s 360 $ 265 4 Xbox′s from March April 1 43 Xbox′s 360 240 15 Xbox′s from April May 1 68 Xbox′s 360 230 12 Xbox′s from May a. Calculate the ending inventory. b. Calculate the cost of goods sold.
Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
Jasper & Williams made purchases of a particular product In the current year as follows: 1 Beginning inventory 7 Purchased Jan. 120 units e $2.10 @$2.20 @ $2.30 252 Mar. 250 units 55e July 28 Purchased 500 units 1,150 Oct. Purchased 69 units e$2.45 147 Totals 930 units $ 2,099 Assume that the specific Identification method is used to assign costs to cost of goods sold ending inventory. The units in ending Inventory were specifically identified as follows. • 80 units from beginning Inventory • 27 units from the March 7 purchase, and • 48 units from the July 28 purchase. Required: Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.) Ending inventory Cost of goods sold
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Use FIFO in perpetual inventory system to prepare the following based on transactions 1-4 Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Mar 400 30.00 12,000.00 5-Mar 15-Mar 20-Mar 31-Mar Balances 1 March 5 Purchased 200 units at $31.50. 2 March 15 sold 500 units at $45.00 3 March 20 purchased 300 units at $32.50 4 Provide final balance for Cost of Goods Sold and March 31 Inventory
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Use the following information for the Exercises 3-7 below. (Algo) [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 385 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 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units @ $ 15.00- 180 units @ $14.00- 385 units @ $ 12.00 = 790 units $ 3,375 2,520 4,620 $ 10,515 Units sold at Retail 175 units 210 units 385 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit…
Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 $860 $965 February 5 25 $1,770 $2,115 February 9 19 $945 $1,208 March 3 27 $490 $600 Units sold 81 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
HOW DO I CALCULATE THE COST OF THE ENDING INVENTORY AND THE COST OF GOODS SOLD? Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 $600 12 Purchase 450 5 2,250 23 Purchase 400 6 2,400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.