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 FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units in ending Cost of Goods #of units Cost per unit # of units Cost per unit Ending Inventory Cost of Cost Available for inventory per unit 15 6.00 $ Goods Sold sold Sale Beginning inventory 6.00 $ 140 840 90 Purchases: 5 5.00 55$ Jan. 20 60 5.00 300 5.00 275 25 $ 4.50 Jan. 30 180 4.50 810 180 810 $ $ $ Total 380 1,950 925 55 275 200 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. 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 FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units in ending Cost of Goods #of units Cost per unit # of units Cost per unit Ending Inventory Cost of Cost Available for inventory per unit 15 6.00 $ Goods Sold sold Sale Beginning inventory 6.00 $ 140 840 90 Purchases: 5 5.00 55$ Jan. 20 60 5.00 300 5.00 275 25 $ 4.50 Jan. 30 180 4.50 810 180 810 $ $ $ Total 380 1,950 925 55 275 200 FIFO LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e6f79b5-3726-460b-8acf-af82b392005c%2F958fb419-8562-4e33-8fbe-507bba123117%2Fb8fz2i.png&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.
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:Weighted
Average
Specific Id
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
d) LIFO
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
# of units
in ending
Cost of Goods
#of units Cost per
unit
# of units
Cost per
unit
Ending
Inventory
Cost of
Cost
Available for
inventory per unit
15 6.00 $
Goods Sold
sold
Sale
Beginning inventory
6.00 $
140
840
90
Purchases:
5 5.00
55$
Jan. 20
60
5.00
300
5.00
275
25
$ 4.50
Jan. 30
180
4.50
810
180
810
$
$
$
Total
380
1,950
925
55
275
200
FIFO
LIFO
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