Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal plPerpetual FIFO:Goods PurchasedCost of Goods SoldInventory Balance# ofCost perunit# of unitssoldCost per Cost of GoodsunitCost perunitInventoryBalanceDate# of unitsunitsSoldJanuary 1185 @ $ 11.00 = $ 2,035.00January 10145 @ $ 11.00 =$ 1,595.00$ 11.00 =January 20January 25January 30TotalsDetermine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal placPerpetual LIFO:Goods PurchasedInventory Balance# of unitsCost of Goods SoldCost per # of unitsCost per Cost of GoodsunitCost perunit# ofInventoryBalanceDateunitsunitsoldSoldJanuary 1185 @ $ 1.00 =$ 2,035.00January 10145 @ $ 11.00$ 1,595.0040 @ $ 11.00 = $ 440.00January 20January 25January 30Totals Required informationUse the following information for the Exercises below.[The following information applies to the questions displayed below.]Laker Company reported the following January purchases and sales data for its only product.ActivitiesUnits Acquired at Cost185 units @ $11.00 = $2,035DateUnits sold at RetailJan. 1 Beginning inventoryJan. 10 Sales145 units @ $20.00Jan. 20 Purchase100 units @ $10.00 =1,000Jan. 25 Sales125 units @ $20.00Jan. 30 Purchase270 units @ $ 9.50 =2,565Totals555 units$5,600270 unitsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

Name: Determine the cost assigned to ending inventory and to cost of goods
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Description: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal plPerpetual FIFO:Goods PurchasedCost of Goods SoldInventory Balance# ofCost perunit# of unitssoldCost per Cost of GoodsunitCost p

Solution: Introduction: Inventory Valuation Methods are generally used to determine the Cost of…

Business

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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 185 units @ $11.00 = $2,035 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 145 units @ $20.00 Jan. 20 Purchase 100 units @ $10.00 = 1,000 Jan. 25 Sales 125 units @ $20.00 Jan. 30 Purchase 270 units @ $ 9.50 = 2,565 Totals 555 units $5,600 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, whe 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 185 units @ $11.00 = $2,035 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 145 units @ $20.00 Jan. 20 Purchase 100 units @ $10.00 = 1,000 Jan. 25 Sales 125 units @ $20.00 Jan. 30 Purchase 270 units @ $ 9.50 = 2,565 Totals 555 units $5,600 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, whe 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.

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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