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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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 200 units @ $ 12.50 = Units sold at Retail $ 2,500 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units

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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Units Acquired at Cost 200 units @ $ 12.50 = Units sold at Retail $ 2,500 Beginning inventory Sales Purchase Sales Purchase 160 units @ $ 21.50 130 units @ $ 11.50 = 1,495 140 units $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units

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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Really not undertsanding LIFO, thank you ahead of time

Required information 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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Activities Units Acquired at Cost 200 units @ $ 12.50 = Date Units sold at Retail $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 160 units $ 21.50 130 units @ $ 11.50 = 1,495 140 units @ $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units
Transcribed Image Text:Required information 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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Activities Units Acquired at Cost 200 units @ $ 12.50 = Date Units sold at Retail $ 2,500 January 1 January 10 January 20 January 25 January 30 Beginning inventory Sales Purchase Sales Purchase 160 units $ 21.50 130 units @ $ 11.50 = 1,495 140 units @ $ 21.50 300 units @ $ 11.00 = 3,300 $ 7,295 Totals 630 units 300 units
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 Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units sold Cost Cost Cost of Goods Sold Cost # of units # of units Inventory Balance per unit per unit per unit January 1 200 at $ 12.50 = $ 2,500.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
Transcribed Image Text: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 Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units sold Cost Cost Cost of Goods Sold Cost # of units # of units Inventory Balance per unit per unit per unit January 1 200 at $ 12.50 = $ 2,500.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
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