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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
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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[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 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Identification Purchase Date January 1 January 20 January 30 Complete this question by entering your answers in the tabs below. FIFO Activity Units Acquired at Cost 180 units @ $10.50 = LIFO Available for Sale Beginning inventory Purchase Purchase 110 units 270 units @ 560 units # of units 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. $9.50 = Cost Per Unit $ 9.00 = 180 S 110 $ 270 $ 560 Weighted Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification 10.50 9.50 9.00 $ 1,890 # of units sold Cost of Goods Sold 0 1,045 2,430 $ 5,365 270 units Units sold at Retail 140 units Cost Per Unit 130 units $ Cost of Goods Sold @ (al @ (al 0 $ 19.50 Ending Inventory- Units $19.50 0 Ending Inventory Cost Per Unit Ending Inventory- Cost $ 0
Transcribed Image Text:[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 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Identification Purchase Date January 1 January 20 January 30 Complete this question by entering your answers in the tabs below. FIFO Activity Units Acquired at Cost 180 units @ $10.50 = LIFO Available for Sale Beginning inventory Purchase Purchase 110 units 270 units @ 560 units # of units 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. $9.50 = Cost Per Unit $ 9.00 = 180 S 110 $ 270 $ 560 Weighted Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification 10.50 9.50 9.00 $ 1,890 # of units sold Cost of Goods Sold 0 1,045 2,430 $ 5,365 270 units Units sold at Retail 140 units Cost Per Unit 130 units $ Cost of Goods Sold @ (al @ (al 0 $ 19.50 Ending Inventory- Units $19.50 0 Ending Inventory Cost Per Unit Ending Inventory- Cost $ 0
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