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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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Specific Identification Complete this question by entering your answers in the tabs below. Purchase Date January 1 January 20 January 30 Activity FIFO Units Acquired at Cost 145 units @ $7.00 = 70 units @ $ 6.00 = 190 units @ 405 units LIFO Available for Sale Beginning inventory Purchase Purchase $ 5.50- 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. # of units 145 70 190 405 Weighted Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Cost Per Unit $ 1,015 420 1,045 $ 2,480 # of units sold Cost of Goods Sold Cost Per Unit Units sold at Retail 105 units 85 units 190 units @ @ Cost of Goods Sold $ 16.00 $ 16.00 Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory-Cost

[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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Specific Identification Complete this question by entering your answers in the tabs below. Purchase Date January 1 January 20 January 30 Activity FIFO Units Acquired at Cost 145 units @ $7.00 = 70 units @ $ 6.00 = 190 units @ 405 units LIFO Available for Sale Beginning inventory Purchase Purchase $ 5.50- 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. # of units 145 70 190 405 Weighted Average Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Cost Per Unit $ 1,015 420 1,045 $ 2,480 # of units sold Cost of Goods Sold Cost Per Unit Units sold at Retail 105 units 85 units 190 units @ @ Cost of Goods Sold $ 16.00 $ 16.00 Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory-Cost

FINANCIAL ACCOUNTING
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. For specific identification, ending inventory consists of 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Specific Weighted Identification Average Purchase Date Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 January 1 January 20 January 30 FIFO Complete this question by entering your answers in the tabs below. Activity LIFO Available for Sale Units 145 units Beginning inventory Purchase Purchase Acquired at Cost @ $7.00 = 70 units @ # of units 190 units @ 405 units 145 70 190 405 $ 6.00 = $ 5.50 = 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. Cost Per Unit $ 1,015 420 1,045 $ 2,480 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification # of units sold Cost of Goods Sold Units sold at Retail Cost Per Unit 105 units @ 85 units 190 units @ Cost of Goods Sold $16.00 $16.00 Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory- Cost
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 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Specific Weighted Identification Average Purchase Date Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 January 1 January 20 January 30 FIFO Complete this question by entering your answers in the tabs below. Activity LIFO Available for Sale Units 145 units Beginning inventory Purchase Purchase Acquired at Cost @ $7.00 = 70 units @ # of units 190 units @ 405 units 145 70 190 405 $ 6.00 = $ 5.50 = 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. Cost Per Unit $ 1,015 420 1,045 $ 2,480 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification # of units sold Cost of Goods Sold Units sold at Retail Cost Per Unit 105 units @ 85 units 190 units @ Cost of Goods Sold $16.00 $16.00 Ending Inventory- Units Ending Inventory Cost Per Unit Ending Inventory- Cost
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