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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory January 10 Sales January 20 Purchase 130 units e Units Acquired at Cost 175 units @ $ 10.00- $ 9.00 - Units sold at Retail $ 1,750 135 units $ 19.00 1,170 January 25 Sales 140 units $ 19.00 January 30 Purchase Totals 275 units e 580 units $ 7.00- 1,925 $ 4,845 275 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Complete this question by entering your answers in the tabs below. Weighted Specific Id FIFO Average LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: < Prev 3 of 4 Next >
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. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory January 10 Sales January 20 Purchase 130 units e Units Acquired at Cost 175 units @ $ 10.00- $ 9.00 - Units sold at Retail $ 1,750 135 units $ 19.00 1,170 January 25 Sales 140 units $ 19.00 January 30 Purchase Totals 275 units e 580 units $ 7.00- 1,925 $ 4,845 275 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 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. Complete this question by entering your answers in the tabs below. Weighted Specific Id FIFO Average LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) Weighted Average - Perpetual: < Prev 3 of 4 Next >
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 5PB: Pappas Appliances uses the periodic inventory system. Details regarding the inventory of appliances...
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Question
![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. The Company uses a
perpetual inventory system. For specific identification, ending inventory consists of 275 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
Date
January 1
Activities
Beginning inventory
January 10
Sales
January 20
Purchase
130 units e
Units Acquired at Cost
175 units @ $ 10.00-
$ 9.00 -
Units sold at Retail
$ 1,750
135 units
$ 19.00
1,170
January 25
Sales
140 units
$ 19.00
January 30
Purchase
Totals
275 units e
580 units
$ 7.00-
1,925
$ 4,845
275 units
Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1
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.
Complete this question by entering your answers in the tabs below.
Weighted
Specific Id
FIFO
Average
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Weighted Average - Perpetual:
< Prev
3 of 4
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F73408893-241d-413b-a186-fcf0d7e671d8%2F0e8577f0-1069-4b0e-969b-30d7a3fec4ba%2Ff9kpbzb_processed.jpeg&w=3840&q=75)
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. The Company uses a
perpetual inventory system. For specific identification, ending inventory consists of 275 units from the January 30
purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.
Date
January 1
Activities
Beginning inventory
January 10
Sales
January 20
Purchase
130 units e
Units Acquired at Cost
175 units @ $ 10.00-
$ 9.00 -
Units sold at Retail
$ 1,750
135 units
$ 19.00
1,170
January 25
Sales
140 units
$ 19.00
January 30
Purchase
Totals
275 units e
580 units
$ 7.00-
1,925
$ 4,845
275 units
Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1
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.
Complete this question by entering your answers in the tabs below.
Weighted
Specific Id
FIFO
Average
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Weighted Average - Perpetual:
< Prev
3 of 4
Next >
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