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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 300 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 Activities Beginning inventory Sales Purchase Sales Purchase Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: Purchase Data Complete this question by entering your answers in the tabs below. January 11 FIFO Available for Sale Activity Units Acquired at Cost 200 units @ $ 12.50 = 130 units @ $ 11.50 300 units @ $ 11.00 = 630 units 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. LIFO Beginning inventory Specific Weighted Identification Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification, Specific Identification of units 200 $ 2,500 Cost Per Unit 1,495 3,300 $ 7,295 # of units sold Cost of Goods Sold Units sold at Retail 160 units @ @ Cost Par Unit 140 units 300 units $21.50 $ 21.50 Cost of Goods Bold Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory- Cost

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 300 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 Activities Beginning inventory Sales Purchase Sales Purchase Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: Purchase Data Complete this question by entering your answers in the tabs below. January 11 FIFO Available for Sale Activity Units Acquired at Cost 200 units @ $ 12.50 = 130 units @ $ 11.50 300 units @ $ 11.00 = 630 units 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. LIFO Beginning inventory Specific Weighted Identification Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification, Specific Identification of units 200 $ 2,500 Cost Per Unit 1,495 3,300 $ 7,295 # of units sold Cost of Goods Sold Units sold at Retail 160 units @ @ Cost Par Unit 140 units 300 units $21.50 $ 21.50 Cost of Goods Bold Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory- Cost

FINANCIAL ACCOUNTING
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 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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units. from beginning inventory. Date January 11 January 10 January 201 January 25, January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: Complete this question by entering your answers in the tabs below. Purchase Date January 11 FIFO Units Acquired at Cost. 200 units @ $12.50 130 units@ $ 11.50 = 300 units @ $ 11.00 = 630 units 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. LIFO Available for Sale Activity Beginning inventory Specific Weighted Identification Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification, Specific identification of units 200 $ 2,500 1,495 3.300 $ 7,295 Cost Per Unit Cost of Goods Sold # of units sold Units sold at Retail 160 units Cost Per Unit 140 units 300 units @ $21.50 @ $ 21.50 Cost of Goods Bold Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory- Cost
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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units. from beginning inventory. Date January 11 January 10 January 201 January 25, January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: Complete this question by entering your answers in the tabs below. Purchase Date January 11 FIFO Units Acquired at Cost. 200 units @ $12.50 130 units@ $ 11.50 = 300 units @ $ 11.00 = 630 units 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. LIFO Available for Sale Activity Beginning inventory Specific Weighted Identification Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification, Specific identification of units 200 $ 2,500 1,495 3.300 $ 7,295 Cost Per Unit Cost of Goods Sold # of units sold Units sold at Retail 160 units Cost Per Unit 140 units 300 units @ $21.50 @ $ 21.50 Cost of Goods Bold Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory- Cost
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