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. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 View transaction list < Journal entry worksheet 1 Activities Beginning inventory Sales Purchase Sales Purchase Totals 2 Date January 10 Record the sale of goods. 3 Note: Enter debits before credits. Record entry Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. 4 5 General Journal Clear entry Units Acquired at Cost $ 7.50 = $ 6.50 = $6.00 = 6 150 units @ 80 units @ 200 units @ 430 units Debit $ 1,125 520 Credit 1,200 $ 2,845 View general journal Units sold at Retail @ @ > 110 units 90 units 200 units $16.50 $16.50

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. For specific identification, ending inventory consists of 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 View transaction list < Journal entry worksheet 1 Activities Beginning inventory Sales Purchase Sales Purchase Totals 2 Date January 10 Record the sale of goods. 3 Note: Enter debits before credits. Record entry Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. 4 5 General Journal Clear entry Units Acquired at Cost $ 7.50 = $ 6.50 = $6.00 = 6 150 units @ 80 units @ 200 units @ 430 units Debit $ 1,125 520 Credit 1,200 $ 2,845 View general journal Units sold at Retail @ @ > 110 units 90 units 200 units $16.50 $16.50

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Description: 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. For specific identification,ending inventory consists of 200 units f

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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Required information Skip to question [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 210 units @ $53.20 per unit March 5 Purchase 280 units @ $58.20 per unit March 9 Sales 370 units @ $88.20 per unit March 18 Purchase 140 units @ $63.20 per unit March 25 Purchase 260 units @ $65.20 per unit March 29 Sales 240 units @ $98.20 per unit Totals 890 units 610 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
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Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
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Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Perpetual FIFO |Perpetual LIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit Weighted Average 65 units 110 units Specific Id 440 units Complete this question by entering your answers in the tabs below. @ $60.20 per unit @ $62.20 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Units Sold at Retail 220 units @ $85.20 per unit…
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