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Assume the perpetual inventory system is used. 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. Use the following information for the Exercises 3-7 below. (Algo) [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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals Activities Beginning inventory Units Acquired at Cost 220 units @ $ 14.50 = Units sold at Retail $ 3,190 170 units $ 23.50 170 units $ 13.50 = 2,295 200 units $ 23.50 370 units @ 760 units $ 13.00 = 4,810 $ 10,295 370 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1

Assume the perpetual inventory system is used. 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. Use the following information for the Exercises 3-7 below. (Algo) [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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals Activities Beginning inventory Units Acquired at Cost 220 units @ $ 14.50 = Units sold at Retail $ 3,190 170 units $ 23.50 170 units $ 13.50 = 2,295 200 units $ 23.50 370 units @ 760 units $ 13.00 = 4,810 $ 10,295 370 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Assume the perpetual inventory system is used. 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.
Transcribed Image Text:Assume the perpetual inventory system is used. 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.
Use the following information for the Exercises 3-7 below. (Algo) [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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals Activities Beginning inventory Units Acquired at Cost 220 units @ $ 14.50 = Units sold at Retail $ 3,190 170 units $ 23.50 170 units $ 13.50 = 2,295 200 units $ 23.50 370 units @ 760 units $ 13.00 = 4,810 $ 10,295 370 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1
Transcribed Image Text:Use the following information for the Exercises 3-7 below. (Algo) [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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Sales Purchase Sales Purchase Totals Activities Beginning inventory Units Acquired at Cost 220 units @ $ 14.50 = Units sold at Retail $ 3,190 170 units $ 23.50 170 units $ 13.50 = 2,295 200 units $ 23.50 370 units @ 760 units $ 13.00 = 4,810 $ 10,295 370 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1
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