Homework Help is Here – Start Your Trial Now!
Business
Accounting
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. Units sold at Activities Units Acquired at Cost 140 units $6.00 = $ Retail Date 1 Beginning inventory 840 Jan 100 units @ $ 15 Jan. 10 Sales 60 units @ $5.00 = 300 Jan. 20 Purchase 80 units @ $ 15 Jan. 25 Sales 180 units @ 810 $4.50 Jan. 30 Purchase 380 units $1,950 180 units Totals Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO Weighted Average Specific Id LIFO FIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods#of units # of units #of units Cost per unit Cost per Cost of Goods Sold Ending per unit Inventory Cost in ending Available for sold unit Sale inventory 6.00 $ Beginning inventory 140 $ $ 6.00 140 840 840 Purchases: 5.00 Jan. 20 60 5.00 300 60 300 4.50 Jan. 30 180 810 180 810 4.50 380 $ 1,110 1,950 840 240 Total 140 $ $ Weighted Average LIFO EA

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. Units sold at Activities Units Acquired at Cost 140 units $6.00 = $ Retail Date 1 Beginning inventory 840 Jan 100 units @ $ 15 Jan. 10 Sales 60 units @ $5.00 = 300 Jan. 20 Purchase 80 units @ $ 15 Jan. 25 Sales 180 units @ 810 $4.50 Jan. 30 Purchase 380 units $1,950 180 units Totals Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO Weighted Average Specific Id LIFO FIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods#of units # of units #of units Cost per unit Cost per Cost of Goods Sold Ending per unit Inventory Cost in ending Available for sold unit Sale inventory 6.00 $ Beginning inventory 140 $ $ 6.00 140 840 840 Purchases: 5.00 Jan. 20 60 5.00 300 60 300 4.50 Jan. 30 180 810 180 810 4.50 380 $ 1,110 1,950 840 240 Total 140 $ $ Weighted Average LIFO EA

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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. Units sold at Activities Units Acquired at Cost 140 units $6.00 = $ Retail Date 1 Beginning inventory 840 Jan 100 units @ $ 15 Jan. 10 Sales 60 units @ $5.00 = 300 Jan. 20 Purchase 80 units @ $ 15 Jan. 25 Sales 180 units @ 810 $4.50 Jan. 30 Purchase 380 units $1,950 180 units Totals Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO
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. Units sold at Activities Units Acquired at Cost 140 units $6.00 = $ Retail Date 1 Beginning inventory 840 Jan 100 units @ $ 15 Jan. 10 Sales 60 units @ $5.00 = 300 Jan. 20 Purchase 80 units @ $ 15 Jan. 25 Sales 180 units @ 810 $4.50 Jan. 30 Purchase 380 units $1,950 180 units Totals Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO
Weighted Average Specific Id LIFO FIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods#of units # of units #of units Cost per unit Cost per Cost of Goods Sold Ending per unit Inventory Cost in ending Available for sold unit Sale inventory 6.00 $ Beginning inventory 140 $ $ 6.00 140 840 840 Purchases: 5.00 Jan. 20 60 5.00 300 60 300 4.50 Jan. 30 180 810 180 810 4.50 380 $ 1,110 1,950 840 240 Total 140 $ $ Weighted Average LIFO EA
Transcribed Image Text:Weighted Average Specific Id LIFO FIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods#of units # of units #of units Cost per unit Cost per Cost of Goods Sold Ending per unit Inventory Cost in ending Available for sold unit Sale inventory 6.00 $ Beginning inventory 140 $ $ 6.00 140 840 840 Purchases: 5.00 Jan. 20 60 5.00 300 60 300 4.50 Jan. 30 180 810 180 810 4.50 380 $ 1,110 1,950 840 240 Total 140 $ $ Weighted Average LIFO EA
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS