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 400 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 Activities Beginning inventory Sales January 25 January 30 Purchase Sales Purchase Totals Required: 230 units. Units Acquired at Cost @ $ 15.50 = Units sold at Retail $ 3,565 180 units @ $ 24.50 190 units $ 14.50 = 2,755 220 units @ $24.50 400 units 820 units. $ 14.00 = 5,600 $ 11,920 400 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.
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 400 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 Activities Beginning inventory Sales January 25 January 30 Purchase Sales Purchase Totals Required: 230 units. Units Acquired at Cost @ $ 15.50 = Units sold at Retail $ 3,565 180 units @ $ 24.50 190 units $ 14.50 = 2,755 220 units @ $24.50 400 units 820 units. $ 14.00 = 5,600 $ 11,920 400 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
please use all of the methods
* specific identification
* weighted average
* fifo
*Lifo
![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 400 units from the January 30
purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Activities
Date
January 1
January 10
January 20
Beginning inventory
Sales
January 25
January 30
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
230 units @ $ 15.50 = $ 3,565
190 units @ $ 14.50 =
Units sold at Retail
180 units
@
$ 24.50
2,755
220 units
@
$ 24.50
400 units @ $ 14.00 =
820 units
5,600
$ 11,920
400 units
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b691610-662a-4b9e-b31b-3e6325468c70%2F84fe3886-b16f-43b1-baab-d65c55d7d75f%2F6j9mpj_processed.jpeg&w=3840&q=75)
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. The Company uses a
perpetual inventory system. For specific identification, ending inventory consists of 400 units from the January 30
purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Activities
Date
January 1
January 10
January 20
Beginning inventory
Sales
January 25
January 30
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
230 units @ $ 15.50 = $ 3,565
190 units @ $ 14.50 =
Units sold at Retail
180 units
@
$ 24.50
2,755
220 units
@
$ 24.50
400 units @ $ 14.00 =
820 units
5,600
$ 11,920
400 units
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.
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