only typed solution [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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 unitsfrom beginning inventory.DateJanuary 1ActivitiesBeginning inventoryUnits Acquired at CostUnits sold at Retail140 units@ $ 6.00 =$ 840January 10Sales100 units@ $ 15January 20Purchase60 units@$ 5.00 =300January 25Sales80 units@ $ 15January 30PurchaseTotals180 units@$ 4.50 =380 units810$ 1,950180 unitsAssume the perpetual inventory system is used.Answer is not complete.Complete this question by entering your answers in the tabs below.Req 1Req 2 to 4Compute gross profit for the month of January for Laker Company for the four inventory methods.Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.LAKER COMPANYFor Month Ended January 31SpecificWeightedFIFOLIFOIdentificationAverageSales$2,700 $1,500 xCost of goods sold1,225 xGross profit$1,475 $1,500$0$0

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Description: only typed solution [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 180 units fr

Perpetual Inventory system - Inventory Quantity updated perpetually on an ongoing basis, usually…

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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. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales 140 units Units Acquired at Cost $ 6.00 = Units sold at Retail $ 840 100 units @ $ 15 60 units $ 5.00 = 300 80 units @$ 15 Purchase Totals 180 units 380 units @ $ 4.50 = 810 $ 1,950 180 units Assume the perpetual inventory system is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. LAKER COMPANY For Month Ended January 31 Specific Weighted FIFO LIFO Identification Average Sales 2,700 $ 1,500 Cost of goods sold 1,225 Gross profit $ 1,475 S 1,500 $ 0 $ 0

[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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales 140 units Units Acquired at Cost $ 6.00 = Units sold at Retail $ 840 100 units @ $ 15 60 units $ 5.00 = 300 80 units @$ 15 Purchase Totals 180 units 380 units @ $ 4.50 = 810 $ 1,950 180 units Assume the perpetual inventory system is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Compute gross profit for the month of January for Laker Company for the four inventory methods. Note: Round cost per unit to 2 decimal places and final answers to the nearest whole dollars. LAKER COMPANY For Month Ended January 31 Specific Weighted FIFO LIFO Identification Average Sales 2,700 $ 1,500 Cost of goods sold 1,225 Gross profit $ 1,475 S 1,500 $ 0 $ 0

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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