Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 170 units @ $9.50 = $1,615 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 130 units @ $18.50 Jan. 20 Purchase 120 units @ $8.50 = 1,020 Jan. 25 Sales 130 units @ $18.50 Jan. 30 Purchase 240 units @ $8.00 = 1,920 Totals 530 units $4,555 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 170 units @ $9.50 = $1,615 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 130 units @ $18.50 Jan. 20 Purchase 120 units @ $8.50 = 1,020 Jan. 25 Sales 130 units @ $18.50 Jan. 30 Purchase 240 units @ $8.00 = 1,920 Totals 530 units $4,555 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Practice Pack
![Required information
Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product.
Date
Activities
Units Acquired at Cost
170 units @ $9.50 = $1,615
Units sold at Retail
Jan.
1 Beginning inventory
Jan. 10 Sales
130 units @ $18.50
Jan. 20 Purchase
120 units @ $8.50 =
1,020
Jan. 25 Sales
130 units @ $18.50
Jan. 30 Purchase
240 units @ $8.00 =1,920
Totals
530 units
$4,555
260 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where
240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
Exercise 5-3 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.
Required 1
Required 2
Required 3
Required 4
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2.
of 5
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Transcribed Image Text:Required information
Use the following information for the Exercises below.
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product.
Date
Activities
Units Acquired at Cost
170 units @ $9.50 = $1,615
Units sold at Retail
Jan.
1 Beginning inventory
Jan. 10 Sales
130 units @ $18.50
Jan. 20 Purchase
120 units @ $8.50 =
1,020
Jan. 25 Sales
130 units @ $18.50
Jan. 30 Purchase
240 units @ $8.00 =1,920
Totals
530 units
$4,555
260 units
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where
240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
Exercise 5-3 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.
Required 1
Required 2
Required 3
Required 4
Prev
2.
of 5
Next >

Transcribed Image Text:The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where
240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
Exercise 5-3 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.
Required 1
Required 2
Required 3
Required 4
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost per
places.)
Specific Identification
Available for Sale
Cost of Goods Sold
Ending
Inventory-
Units
Ending Inventory
Ending
Inventory-
Cost
Units
Sold
Cost Per
Unit
Unit
Purchase Date
Activity
Units
Unit Cost
COGS
Cost
Jan. 1
Beginning inventory
170
Jan. 20
Purchase
120
Jan. 30
Purchase
240
530
< Required
Required 2 >
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