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 230 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase. and 45 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 155 units @ $6.00 = 75 units @ 180 units. 410 units @ $5.00 $ 4.50 E Complete this question by entering your answers in the tabs below. $930 375 810 $2,115 Units sold at Retail 85 units @ $15.00 95 units @ $15.00 180 units Required: Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. (b) weighted average, (c) FIFO, and (d) LIFO:
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 230 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase. and 45 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 155 units @ $6.00 = 75 units @ 180 units. 410 units @ $5.00 $ 4.50 E Complete this question by entering your answers in the tabs below. $930 375 810 $2,115 Units sold at Retail 85 units @ $15.00 95 units @ $15.00 180 units Required: Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. (b) weighted average, (c) FIFO, and (d) LIFO:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![ces
C
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 230 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase,
and 45 are from beginning inventory.
Date
Activities
January 1 Beginning inventory
January 10 Sales
January 20
January 25
January 30
Specific Id
Purchase
Sales
Purchase
Totals
Complete this question by entering your answers in the tabs below.
Weighted
Average
a) Specific Identification
Beginning inventory
Purchases:
January 20
January 30
Total
Required:
Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a)
specific identification, (b)weighted average, (c) FIFO, and (d) LIFO:
FIFO
Units Acquired at Cost
155 units. @ $ 6.00
75 units
@
$ 5.00
180 units
410 units
LIFO
# of units
Cost of Goods Available for Sale
@
Cost per
unit
$4.50
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 230 units, where 180
are from the January 30 purchase, 5 are from the January 20 purchase, and 45 are from beginning inventory.
Cost of Goods
Available for
Sale
$930
# of units
sold
375
Cost per
unit
Units sold at Retail
85 units @
95 units @
810
$2,115 180 units
Cost of Goods Sold
Cost of Goods
Sold
APLANJELAD
$15.00
$15.00
of units in
ending
inventory
#
Ending Inventory
Cost per
unit
Ending
Inventory
Plev 172 of 7 Next >
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Transcribed Image Text:ces
C
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 230 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase,
and 45 are from beginning inventory.
Date
Activities
January 1 Beginning inventory
January 10 Sales
January 20
January 25
January 30
Specific Id
Purchase
Sales
Purchase
Totals
Complete this question by entering your answers in the tabs below.
Weighted
Average
a) Specific Identification
Beginning inventory
Purchases:
January 20
January 30
Total
Required:
Assume the periodic inventory system is used. Determine the cost assigned to ending inventory and to cost of goods sold using (a)
specific identification, (b)weighted average, (c) FIFO, and (d) LIFO:
FIFO
Units Acquired at Cost
155 units. @ $ 6.00
75 units
@
$ 5.00
180 units
410 units
LIFO
# of units
Cost of Goods Available for Sale
@
Cost per
unit
$4.50
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 230 units, where 180
are from the January 30 purchase, 5 are from the January 20 purchase, and 45 are from beginning inventory.
Cost of Goods
Available for
Sale
$930
# of units
sold
375
Cost per
unit
Units sold at Retail
85 units @
95 units @
810
$2,115 180 units
Cost of Goods Sold
Cost of Goods
Sold
APLANJELAD
$15.00
$15.00
of units in
ending
inventory
#
Ending Inventory
Cost per
unit
Ending
Inventory
Plev 172 of 7 Next >
स
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