[The following information applies Kangaroo Jim Company reported beginning inventory of 480 units at a per unit cost of $5. It had the following purchase and sales transactions during the year. quest January 14 Sold 400 units at unit sales price of $25 on account. April 9 Purchased 390 additional units at a per unit cost of $5 on account. September 2 Sold 330 units at a sales price of $30 on account. December 31 Counted inventory and determined 140 units were still on hand. Required:

[The following information applies Kangaroo Jim Company reported beginning inventory of 480 units at a per unit cost of $5. It had the following purchase and sales transactions during the year. quest January 14 Sold 400 units at unit sales price of $25 on account. April 9 Purchased 390 additional units at a per unit cost of $5 on account. September 2 Sold 330 units at a sales price of $30 on account. December 31 Counted inventory and determined 140 units were still on hand. Required:

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Description: [The following information applies to the questions displayed below]Kangaroo Jim Company reported beginning inventory of 480 units at a per unit cost of $5. It had the followingpurchase and sales transactions during the year.January 14 Sold 400 unit

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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[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 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 @ $ 14.00 = 215 units 160 units 355 units 730 units @ @ $ 13.00 = $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $ 23.00 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…
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[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…
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