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.DateActivitiesJan. 1 Beginning inventoryJan. 10 SalesJan. 20PurchaseJan. 25 SalesJan. 30PurchaseTotalsUnits sold atUnits Acquired at Cost140 units @ $6.00 = $Retail840100 units @ $ 1560 units @ $5.00 -30080 units @ $ 15180 units @ $4.50 =380 units810$1,950180 unitsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Beginning Inventory: 140 units @ $6.00 eachJanuary 10 Sales: 100 units @ $15.00 each (retail price,…

Answered: Required information Use the following…

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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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.) Required:
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required:1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.2. Determine the cost…
[The following Information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for Its only product. Date Activities Units Acquired at Cost 225 units @ $15.e0 = $ 3,375 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 sales 175 units @ $24.00 Jan. 20 Purchase 180 units @ $14.ee - 2,520 Jan. 25 Sales 210 units e $24.00 Jan. 30 Purchase 350 units @ $13.50 = 4,725 Totals 755 units $18,620 385 units The Company uses a perpetual Inventory system. For specific lidentification, ending Inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory. Requlred: 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 welghted average. 3. Determine the cost assigned to ending Inventory and to…
Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Required: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…
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-4 Perpetual: Income effects of inventory methods LO A1 Required:1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,300…
1) Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @$15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales 80 units @$15 Jan. 30 Purchase 180 units @ $4.50 = 810 Totals 380 units $ 1,950 180 units Laker uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the…
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Acquired at Cost 100 units@ $56.00 per unit 400 units@ $61.00 per unit Date Activities Units Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 420 units @ $91.00 per unit 120 units @ $66.00 per unit 200 units @ $68.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 160 units @ $101.00 per unit Totals 820 units 580 units 2. Compute the number of units in ending inventory. Ending inventory units
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.…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 250 units @ $12.00 = $ 3,000 Jan. 10 Sales 200 units @ $42.00 Mar. 14 Purchase 400 units @ $17.00 = 6,800 Mar. 15 Sales 360 units @ $42.00 July 30 Purchase 450 units @ $22.00 = 9,900 Oct. 5 Sales 420 units @ $42.00 Oct. 26 Purchase 150 units @ $27.00 = 4,050 Totals 1,250 units $ 23,750 980 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending…
Required information Skip to question [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 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 230 units @ $ 15.50 = $ 3,565 January 10 Sales 180 units @ $ 24.50 January 20 Purchase 190 units @ $ 14.50 = 2,755 January 25 Sales 220 units @ $ 24.50 January 30 Purchase 400 units @ $ 14.00 = 5,600 Totals 820 units $ 11,920 400 units Assume the perpetual inventory system is used. Required: Compute gross profit for the month of January for Laker Company for the four inventory methods. Which method yields the highest gross profit? Does gross profit using weighted average fall between that using FIFO and LIFO? If costs were rising…

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