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 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Acquired at Cost $8.00 = Units 155 units @ 90 units @ 210 units @ 455 units. $7.00 = $ 6.50 = $ 1,240 630 Units sold at Retail 115 units 95 units 1,365 $ 3,235 210 units @ @ $ 17.00 $ 17.00 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. For specific identification, ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Acquired at Cost $8.00 = Units 155 units @ 90 units @ 210 units @ 455 units. $7.00 = $ 6.50 = $ 1,240 630 Units sold at Retail 115 units 95 units 1,365 $ 3,235 210 units @ @ $ 17.00 $ 17.00 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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Question
H1.
![40
Required information
[The following information applies to the questions displayed below.]"
search
Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units
from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Assume the perpetual inventory system is used.
Required:
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
I
Units
155 units @
Acquired at Cost
$8.00 =
THE
90 units @
210 units @
455 units
$7.00 =
Complete this question by entering your answers in the tabs below.
$ 6.50 =
< Prev
$ 1,240
2 of 5
630
1,365
$ 3,235
Units sold at Retail
115 units
1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using spec
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.
95 units
210 units
@
Next >
@
$ 17.00
$ 17.00
identification.
Ⓒ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F02cd88c9-aedc-4f8c-8c8b-d98421c63ca8%2Fc15a0f6b-94f5-441c-95fd-09c7e7f38aea%2Fh1m2l3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:40
Required information
[The following information applies to the questions displayed below.]"
search
Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 210 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units
from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Assume the perpetual inventory system is used.
Required:
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
I
Units
155 units @
Acquired at Cost
$8.00 =
THE
90 units @
210 units @
455 units
$7.00 =
Complete this question by entering your answers in the tabs below.
$ 6.50 =
< Prev
$ 1,240
2 of 5
630
1,365
$ 3,235
Units sold at Retail
115 units
1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using spec
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.
95 units
210 units
@
Next >
@
$ 17.00
$ 17.00
identification.
Ⓒ
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