### 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:| Date | Activities | Units Acquired at Cost | Units Sold at Retail ||------------|------------------------------|----------------------------------|------------------------------|| Jan. 1 | Beginning inventory | 215 units @ $14.00 = $3,010 | || Jan. 10 | Sales | | 165 units @ $23.00 || Jan. 20 | Purchase | 160 units @ $13.00 = $2,080 | || Jan. 25 | Sales | | 190 units @ $23.00 || Jan. 30 | Purchase | 330 units @ $12.50 = $4,125 | || **Totals** | | **705 units = $9,215** | **355 units** |The company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from the 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 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. ### Specific Identification Method for Inventory Cost Calculation#### Instruction:Complete this table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per unit to 2 decimal places).#### Table: Inventory Cost Calculation**Specific Identification:**| Purchase Date | Activity | Units | Available for Sale | Cost of Goods Sold | Ending Inventory || --------------|----------------------|-------|---------------------|--------------------|---------------------------|| | | | Units | Unit Cost | Units Sold | Unit Cost | COGS | Units | Cost Per Unit | Inventory Cost || Jan. 1 | Beginning Inventory | 215 | | | | | | | | || Jan. 20 | Purchase | 160 | | | | | | | | || Jan. 30 | Purchase | 330 | | | | | | | | || | | **705**| | | | | | | | |##### Notes:- **Units Sold:** Number of units sold from each purchase batch.- **Unit Cost:** Cost per unit for each batch (to be filled out based on actual data).- **COGS (Cost of Goods Sold):** Total cost for the units sold.- **Ending Inventory Units:** Number of units remaining in inventory.- **Cost Per Unit:** Cost per unit of remaining inventory (to be calculated as per specific identification).- **Ending Inventory Cost:** Total cost of inventory remaining.Remember to fill out all the columns with the appropriate data and calculations, ensuring that any created data is consistent with specific identification and inventory cost principles.**Graph/Diagram Explanation:**- No specific graphs or diagrams are present in this image. The table is structured to facilitate calculation of inventory costs and must be completed accurately by following the given instructions.**Interactive Component:**- Users may be required to interact with this resource by filling in the required data in the provided tabs (Required 1, Required 2, etc.) as part of their learning and understanding of inventory management using the specific identification method.

Name: ### Required InformationUse the following information for the exercis
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Description: ### 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:| Date

As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Business

Accounting

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 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 160 units @ $13.00 = 2,080 Jan. 20 Purchase Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 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.

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 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 160 units @ $13.00 = 2,080 Jan. 20 Purchase Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 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

Section: Chapter Questions

Problem 1Q

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! Required information [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 275 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 130 units @ 275 units @ 580 units Units Acquired at Cost 175 units @ $ 10.00 = $ 9.00 = Units sold at Retail $ 1,750 135 units @ $ 19.00 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…
! Required information [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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory 175 units @ Units Acquired at Cost $ 10.00 = Units sold at Retail $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales 135 units $ 19.00 130 units @ $ 9.00 = Purchase Totals 275 units @ 580 units $ 7.00 = 1,170 1,925 140 units $ 19.00 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…
Required information Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 230 units @ $11.20 = $ 2,576 January 10 Sales 160 units @ $41.20 March 14 Purchase 350 units @ $16.20 = 5,670 March 15 Sales 320 units @ $41.20 July 30 Purchase 430 units @ $21.20 = 9,116 October 5 Sales 400 units @ $41.20 October 26 Purchase 130 units @ $26.20 = 3,406 Totals 1,140 units $ 20,768 880 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods—FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.2. Determine…
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Required Information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 January 10 Beginning inventory Sales March 14 March 15 July 30 October 5 Purchase Sales Purchase Sales Purchase October 26 Totals 235 units Units Acquired at Cost $11.40= Units Sold at Retail $ 2,679 170 units @ $41.40 360 units @ $16.40 = 5,984 290 units @ $41.40 435 units @$21.40 9,309 410 units @ $41.40 135 units 1,165 units @$26.40 3,564 $ 21,456 870 units Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to…
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! Required information [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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 210 units @ $13.50 = $12.50 = 340 units @ $ 12.00 = 700 units 150 units @ $ 2,835 1,875 4,080 $ 8,790 Units sold at Retail $ 22.50 160 units @ @ $ 22.50 180 units 340 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
[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 Units sold at Retail Jan. 1 Beginning inventory 210 units @ $ 13.50 = $ 2,835 Jan. 10 Sales 160 units @ $ 22.50 Jan. 20 Purchase 150 units @ $ 12.50 = 1,875 Jan. 25 Sales 180 units @ $ 22.50 Jan. 30 Purchase 340 units @ $ 12.00 = 4,080 Totals 700 units $ 8,790 340 units Required:The Company uses a periodic inventory system. For specific identification, ending inventory consists of 360 units, where 340 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO,…
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 @ $50 per unit 400 units @ $55 per unit Activities Units Sold at Retail Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 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 4. Compute gross profit earned 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 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) Gross Margin FIFO LIFO Avg. Cost Spec. ID Sales…
Can you please point 26 and total as well it was too large to show all in one picture. Thank you!
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:
i Saved Help Save & Required information [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 310 units from the January 30 purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 205 units @ $ 13.00 = Units sold at Retail $ 2,665 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals 165 units @ $ 22.00 140 units @ $ 12.00 = 310 units @ $ 11.50 = 655 units 1,680 3,565 $ 7,910 145 units @ $ 22.00 310 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 310 units from the January 30 inventory and to cost of goods sold using purchase, 5 units from the January 20 purchase, and 30 units from beginning inventory. Determine the cost assigned to…