Required information Use the following information for the Exercises 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 238 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 53 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase Sales January 25 January 30 Purchase Totals Units Acquired at Cost 159 units @ $6.00 = $5.00 $ 4.50 Assume the perpetual inventory system is used. Required: 79 units 180 units 418 units @ @ Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 = = Units sold at Retail 81 units @ $ 15.00 99 units @ $ 15.00 $ 954 395 810 $ 2,159 180 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
Complete this question by entering your answers in the tabs below.
Specific Id
Purchase Date
Weighted
Average
January 1
January 20
January 30
FIFO
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Specific Identification
LIFO
Available for Sale
Activity
Beginning inventory
Purchase
Purchase
# of units
159
79
180
418
Cost of Goods Sold
Cost Per # of units
Unit
sold
Prev
0
Cost Per Unit COGS
<- Specific Id
S
1 2
of 9
$
0
Ending
Inventory-
Units
Weighted Average >
Next >
0
Ending Inventory
Cost Per Unit
Ending
Inventory- Cost
$
0
Transcribed Image Text: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. Complete this question by entering your answers in the tabs below. Specific Id Purchase Date Weighted Average January 1 January 20 January 30 FIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification LIFO Available for Sale Activity Beginning inventory Purchase Purchase # of units 159 79 180 418 Cost of Goods Sold Cost Per # of units Unit sold Prev 0 Cost Per Unit COGS <- Specific Id S 1 2 of 9 $ 0 Ending Inventory- Units Weighted Average > Next > 0 Ending Inventory Cost Per Unit Ending Inventory- Cost $ 0
2
ed
ok
O
t
■
mt
3
ences
Required information
Use the following information for the Exercises 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 238 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase,
and 53 are from beginning inventory.
Date
Activities
January 1 Beginning inventory
January 10 Sales
January 20
January 25
January 30
Purchase
Sales
Purchase
Totals
Units Acquired at Cost
159 units @ $6.00 =
79 units @
$5.00 =
$ 4.50 =
Assume the perpetual inventory system is used.
Required:
180 units @
418 units
Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3
Complete this question by entering your answers in the tabs below.
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.
< Prev
$ 954
395
1 2
of 9
Units sold at Retail
$ 15.00
81 units @
99 units @
$ 15.00
810
$ 2,159 180 units
Next >
Transcribed Image Text:2 ed ok O t ■ mt 3 ences Required information Use the following information for the Exercises 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 238 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 53 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales January 20 January 25 January 30 Purchase Sales Purchase Totals Units Acquired at Cost 159 units @ $6.00 = 79 units @ $5.00 = $ 4.50 = Assume the perpetual inventory system is used. Required: 180 units @ 418 units Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 Complete this question by entering your answers in the tabs below. 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. < Prev $ 954 395 1 2 of 9 Units sold at Retail $ 15.00 81 units @ 99 units @ $ 15.00 810 $ 2,159 180 units Next >
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