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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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