[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product. For specific identification,ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 unitsfrom beginning inventory.DateJanuary 1January 10January 20January 25January 30Assume the perpetual inventory system is used.Required:ActivitiesBeginning inventorySalesPurchaseSalesPurchaseTotalsSpecificIdentificationPurchase DateJanuary 1January 20January 30Complete this question by entering your answers in the tabs below.FIFOActivityUnits Acquired at Cost180 units @ $10.50 =LIFOAvailable for SaleBeginning inventoryPurchasePurchase110 units270 units @560 units# of units1. 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.$9.50 =Cost PerUnit$ 9.00 =180 S110$270 $560WeightedAverageComplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Specific Identification10.509.509.00$ 1,890# of unitssoldCost of Goods Sold01,0452,430$ 5,365 270 unitsUnits sold at Retail140 unitsCost Per Unit130 units$Cost ofGoodsSold@(al@(al0$ 19.50EndingInventory-Units$19.500Ending InventoryCost Per UnitEndingInventory- Cost$0

Method of Valuation of Inventory, Three are mainly three method which are been followed to value the…

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.

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.

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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Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except: Multiple Choice LIFO method. FIFO method. Specific identification method. Weighted average method. Retail method.
Select all that apply Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of inventory Check all that apply) A business may adopt any cost flow assumption when accounting for perishable sems Perishable-items Usually have an actual physical flow of FIFO Penshable items neve an actual physical flow of LIFO Cost flow in an assumption about which goods/items are sold Physical flow refers to the actual movement of goods
Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5. March 13 1,900 @ 3,500 @ $9 $10 March 21 March 26 5,200 @ $11 $12 1,900 @ During March 11,500 units were sold. Sheffield uses a periodic inventory system.
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Identify each item as describing the FIFO method, LIFO method, or average cost method of inventory valuation. A. Involves calculating the total number of units in the warehouse FIFO LIFO Average cost B. To determine cost of goods sold, begin with the earliest goods acquired FIFO LIFO Average cost C. To determine merchandise inventory balance, begin with the earliest goods acquired FIFO LIFO Average cost
The cost of goods sold (Using the FIFO method) $.__________________________ The of cost of the ending Inventory (using the LIFO method) $____________________ The cost of Goods sold (Using the LIFO method) $_______________________________
Which of the following items are included when calculating the carrying cost of inventory? (Select all that apply.) ✔ warehousing costs manufacturing costs procurement costs O financing costs
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The cost of goods sold is based on the oldest purchases under which method of calculating inventory cost? O A. weighted average method O B. first in, first out (FIFO) O C. gross profit method O D. last in, first out (LIFO)
Differentiate between the specific identification, FIFO, LIFO, and average cost methods used to determine the cost of ending inventory and cost of goods sold.
Identify four inventory costing methods for assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.