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Required Information Use the following information for the Exercises 3-7 below. (Algo) [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 Sales January 30 Activities Beginning inventory 155 units Units Acquired at Cost $ 8.00 = Units sold at Retail $ 1,240 Sales Purchase 115 units @ $ 17.00 90 units $ 7.00 = 630 95 units @ $ 17.00 Purchase Totals 210 units $ 6.50 = 1,365 455 units $ 3,235 210 units Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 90 at $ 7.00 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 155 at $ 8.00 = $ 1,240.00 115 at $ 9.00 = $ 1,035.00 40 at $ 8.00 = $ 320.00 95 at $ 8.00 = $ 19 760.00 95 at $ 7.00 = 665.00 $ 1,425.00 95 at $ 8.00 = $ 760.00 at $ 8.00 95 1 at $ 7.00 = 665.00 at $ 7.00 = $ 1,425.00

Required Information Use the following information for the Exercises 3-7 below. (Algo) [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 Sales January 30 Activities Beginning inventory 155 units Units Acquired at Cost $ 8.00 = Units sold at Retail $ 1,240 Sales Purchase 115 units @ $ 17.00 90 units $ 7.00 = 630 95 units @ $ 17.00 Purchase Totals 210 units $ 6.50 = 1,365 455 units $ 3,235 210 units Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 90 at $ 7.00 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 155 at $ 8.00 = $ 1,240.00 115 at $ 9.00 = $ 1,035.00 40 at $ 8.00 = $ 320.00 95 at $ 8.00 = $ 19 760.00 95 at $ 7.00 = 665.00 $ 1,425.00 95 at $ 8.00 = $ 760.00 at $ 8.00 95 1 at $ 7.00 = 665.00 at $ 7.00 = $ 1,425.00

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...
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Help please, I dont know why I cant figure out what I am going wrong. Is there a way to understand how to know the information to be used?

Required Information Use the following information for the Exercises 3-7 below. (Algo) [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 Sales January 30 Activities Beginning inventory 155 units Units Acquired at Cost $ 8.00 = Units sold at Retail $ 1,240 Sales Purchase 115 units @ $ 17.00 90 units $ 7.00 = 630 95 units @ $ 17.00 Purchase Totals 210 units $ 6.50 = 1,365 455 units $ 3,235 210 units
Transcribed Image Text:Required Information Use the following information for the Exercises 3-7 below. (Algo) [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 Sales January 30 Activities Beginning inventory 155 units Units Acquired at Cost $ 8.00 = Units sold at Retail $ 1,240 Sales Purchase 115 units @ $ 17.00 90 units $ 7.00 = 630 95 units @ $ 17.00 Purchase Totals 210 units $ 6.50 = 1,365 455 units $ 3,235 210 units
Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 90 at $ 7.00 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 155 at $ 8.00 = $ 1,240.00 115 at $ 9.00 = $ 1,035.00 40 at $ 8.00 = $ 320.00 95 at $ 8.00 = $ 19 760.00 95 at $ 7.00 = 665.00 $ 1,425.00 95 at $ 8.00 = $ 760.00 at $ 8.00 95 1 at $ 7.00 = 665.00 at $ 7.00 = $ 1,425.00
Transcribed Image Text:Goods Purchased Date # of units Cost per unit # of units sold January 1 January 10 90 at $ 7.00 January 20 Total January 20 January 25 Total January 25 January 30 Totals Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 155 at $ 8.00 = $ 1,240.00 115 at $ 9.00 = $ 1,035.00 40 at $ 8.00 = $ 320.00 95 at $ 8.00 = $ 19 760.00 95 at $ 7.00 = 665.00 $ 1,425.00 95 at $ 8.00 = $ 760.00 at $ 8.00 95 1 at $ 7.00 = 665.00 at $ 7.00 = $ 1,425.00
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