[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 240 units @ $16.50 = $ 3,960 Date Activities Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase 190 units e $25.50 170 units @ $15.50 = 2,635 Jan. 25 Sales 190 units @ $25.50 Jan. 30 Purchase 380 units @ $15.00 = 5,700 Totals 790 units $12,295 380 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. 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 to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 240 units @ $16.50 = $ 3,960 Date Activities Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase 190 units e $25.50 170 units @ $15.50 = 2,635 Jan. 25 Sales 190 units @ $25.50 Jan. 30 Purchase 380 units @ $15.00 = 5,700 Totals 790 units $12,295 380 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. 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 to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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.
Units Acquired at Cost
240 units @ $16.50 = $ 3,960
Date
Activities
Units sold at Retail
Jan. 1 Beginning inventory
Jan. 10 Sales
Jan. 20 Purchase
190 units e $25.50
170 units @ $15.50 =
2,635
Jan. 25 Sales
190 units @ $25.50
Jan. 30 Purchase
380 units @ $15.00 =
5,700
Totals
790 units
$12,295
380 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where
380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
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 to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2533d188-43d6-4ea0-ab45-72b24b727b9a%2F9300297e-cedd-4ded-b6c9-19efb1b7da87%2Fd3e7yg1i_processed.png&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.
Units Acquired at Cost
240 units @ $16.50 = $ 3,960
Date
Activities
Units sold at Retail
Jan. 1 Beginning inventory
Jan. 10 Sales
Jan. 20 Purchase
190 units e $25.50
170 units @ $15.50 =
2,635
Jan. 25 Sales
190 units @ $25.50
Jan. 30 Purchase
380 units @ $15.00 =
5,700
Totals
790 units
$12,295
380 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 410 units, where
380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
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 to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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