[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
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. 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
January 1
Activities
Beginning inventory
Units Acquired at Cost
Units sold at Retail
140 units
@ $ 6.00 =
$ 840
January 10
Sales
100 units
@ $ 15
January 20
Purchase
60 units
@
$ 5.00 =
300
January 25
Sales
80 units
@ $ 15
January 30
Purchase
Totals
180 units
@
$ 4.50 =
380 units
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 x
Cost of goods sold
1,225 x
Gross profit
$
1,475 $
1,500
$
0
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcbe626ea-610b-4d51-b9ac-745de2c24a30%2F569d139b-e7ad-4d40-8901-7aa209fbda0b%2Fmxvbz3s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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
January 1
Activities
Beginning inventory
Units Acquired at Cost
Units sold at Retail
140 units
@ $ 6.00 =
$ 840
January 10
Sales
100 units
@ $ 15
January 20
Purchase
60 units
@
$ 5.00 =
300
January 25
Sales
80 units
@ $ 15
January 30
Purchase
Totals
180 units
@
$ 4.50 =
380 units
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 x
Cost of goods sold
1,225 x
Gross profit
$
1,475 $
1,500
$
0
$
0
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