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 weighted average. (Round cost per unit to 2 decimal places.) b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost of Goods |# of units # of units Average in ending inventory per unit Average Cost per Unit Ending Inventory Cost of # of units Cost per unit Available for Cost sold Goods Sold Sale Beginning inventory 140 840 Purchases: Jan. 20 60 300 Jan. 30 180 810 $ $ $ Total 380 1,950 Specific Id FIFO EA
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 weighted average. (Round cost per unit to 2 decimal places.) b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Average Cost of Goods |# of units # of units Average in ending inventory per unit Average Cost per Unit Ending Inventory Cost of # of units Cost per unit Available for Cost sold Goods Sold Sale Beginning inventory 140 840 Purchases: Jan. 20 60 300 Jan. 30 180 810 $ $ $ Total 380 1,950 Specific Id FIFO EA
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%2Ff251c7b8-a492-4f03-80c5-ebc6a62468e7%2Fuml2wis.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 weighted average. (Round cost per unit to 2 decimal places.)
b) Average Cost
Cost of Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Average Cost of Goods |# of units
# of units Average
in ending
inventory per unit
Average
Cost per
Unit
Ending
Inventory
Cost of
# of units Cost per
unit
Available for
Cost
sold
Goods Sold
Sale
Beginning inventory
140
840
Purchases:
Jan. 20
60
300
Jan. 30
180
810
$
$
$
Total
380
1,950
Specific Id
FIFO
EA
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education