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 specific identification. 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. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units #of units # of units Cost per unit Cost per Cost of Cost Ending Inventory in ending Available for inventory per unit 15 6.00 $ sold unit Goods Sold Sale 125 $ Beginning inventory 6.00 $ 6.00 $ 90 140 840 750 Purchases: 55$ 5 5.00 Jan. 20 60 5.00 300 5.00 275 25 $ 4.50 4.50 180 Jan. 30 810 0 180 810 $ $ $ 1,950 1,025 380 180 200 925 Total Weighted Average> Specific Id
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 specific identification. 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. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods # of units #of units # of units Cost per unit Cost per Cost of Cost Ending Inventory in ending Available for inventory per unit 15 6.00 $ sold unit Goods Sold Sale 125 $ Beginning inventory 6.00 $ 6.00 $ 90 140 840 750 Purchases: 55$ 5 5.00 Jan. 20 60 5.00 300 5.00 275 25 $ 4.50 4.50 180 Jan. 30 810 0 180 810 $ $ $ 1,950 1,025 380 180 200 925 Total Weighted Average> Specific Id
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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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%2Fa3553796-190a-4280-8e39-30b307a62287%2Fe4mm6br.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 specific identification. 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.
a) Specific Identification
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Cost of Goods # of units
#of units
# of units Cost per
unit
Cost per
Cost of
Cost
Ending
Inventory
in ending
Available for
inventory per unit
15 6.00 $
sold
unit
Goods Sold
Sale
125 $
Beginning inventory
6.00 $
6.00 $
90
140
840
750
Purchases:
55$
5 5.00
Jan. 20
60
5.00
300
5.00
275
25
$ 4.50
4.50
180
Jan. 30
810
0
180
810
$
$
$
1,950
1,025
380
180
200
925
Total
Weighted Average>
Specific Id
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