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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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost 190 units @ Units sold at Retail January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Saleş Purchase $ 7.00 = $ 1,330 150 units $ 16.00 110 units @ $ 6.00 = 660 130 units $ 16.00 280 units @ $ 5.50 D 1,540 $ 3,530 Totals 580 units 280 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units 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. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Ceede Aunileble for Sale Cast t

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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost 190 units @ Units sold at Retail January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Saleş Purchase $ 7.00 = $ 1,330 150 units $ 16.00 110 units @ $ 6.00 = 660 130 units $ 16.00 280 units @ $ 5.50 D 1,540 $ 3,530 Totals 580 units 280 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units 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. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Ceede Aunileble for Sale Cast t

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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Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
A ezto.mheducation.com nework Saved Hel 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 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 Units Acquired at Cost 190 units @ Units sold at Retail Beginning inventory Sales Purchase $ 7.00 = $ 1,330 150 units $ 16.00 110 units @ $ 6.00 = 660 Saleş Purchase $ 16.00 130 units 280 units e $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units 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. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods Cost of Goods # of units in # of units Cost per unit Cost per unit Ending Inventor # of units ending inventory Available for Sale sold Sold < Prev 4. of 8 Next > MacBook Air DII F2 F4 F5 F6 F7 F8 F9 F10 * %23 $ % & 4 6. 7 * CO < CO
Transcribed Image Text:A ezto.mheducation.com nework Saved Hel 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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 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 Units Acquired at Cost 190 units @ Units sold at Retail Beginning inventory Sales Purchase $ 7.00 = $ 1,330 150 units $ 16.00 110 units @ $ 6.00 = 660 Saleş Purchase $ 16.00 130 units 280 units e $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units 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. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods Cost of Goods # of units in # of units Cost per unit Cost per unit Ending Inventor # of units ending inventory Available for Sale sold Sold < Prev 4. of 8 Next > MacBook Air DII F2 F4 F5 F6 F7 F8 F9 F10 * %23 $ % & 4 6. 7 * CO < CO
A ezto.mheducation.com Homework A Saved Help Save & Exit - --- Check m Totals 580 units $ 3,530 280 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units 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. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Determine the cost assigned'to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods Available for Sale # of units in # of units sold # of units Cost per unit Cost of Goods Sold ending inventory Cost per unit Ending Inventory Beginning inventory 190 7.00 $ 1,330 Purchases: January 20 110 6.00 660 January 30 280 5.50 1,540 Total 580 $ 3,530 2$ < FIFO LIFO > ( Prev 4 of 8 Next > MacBook Air 80 DII F2 F3 F4 F5 F6 F7 FB F9 F10 @ # $ & * 一 3 4 7 8 9 W E T Y P
Transcribed Image Text:A ezto.mheducation.com Homework A Saved Help Save & Exit - --- Check m Totals 580 units $ 3,530 280 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units 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. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Determine the cost assigned'to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost per unit Cost of Goods Available for Sale # of units in # of units sold # of units Cost per unit Cost of Goods Sold ending inventory Cost per unit Ending Inventory Beginning inventory 190 7.00 $ 1,330 Purchases: January 20 110 6.00 660 January 30 280 5.50 1,540 Total 580 $ 3,530 2$ < FIFO LIFO > ( Prev 4 of 8 Next > MacBook Air 80 DII F2 F3 F4 F5 F6 F7 FB F9 F10 @ # $ & * 一 3 4 7 8 9 W E T Y P
Expert Solution
Step 1

SOLUTION.

LIFO METHOD ASSUME THAT THE MOST RECENT PRODUCT ADDED THE COMPANY'S INVENTORY HAVE BEEN SOLD FIRST.THE COST PAID TO THE RECENT PRODUCT ARE THE ONES USED IN CALCULATION.

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