Required informationUse 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.DateActivitiesUnits Acquired at Cost170 units @ $9.50 = $1,615Units sold at RetailJan.1 Beginning inventoryJan. 10 Sales130 units @ $18.50Jan. 20 Purchase120 units @ $8.50 =1,020Jan. 25 Sales130 units @ $18.50Jan. 30 Purchase240 units @ $8.00 =1,920Totals530 units$4,555260 unitsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where240 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 P1Required: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 1Required 2Required 3Required 4Prev2.of 5Next > The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where240 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 P1Required: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 1Required 2Required 3Required 4Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost perplaces.)Specific IdentificationAvailable for SaleCost of Goods SoldEndingInventory-UnitsEnding InventoryEndingInventory-CostUnitsSoldCost PerUnitUnitPurchase DateActivityUnitsUnit CostCOGSCostJan. 1Beginning inventory170Jan. 20Purchase120Jan. 30Purchase240530< RequiredRequired 2 >

Name: Required informationUse the following information for the Exercises b
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Description: Required informationUse 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.DateActivitiesU

Inventory costing is an important function that is carried out by most of the organizations that…

Business

Accounting

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.

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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Hemming Co. reported the following current-year purchases and sales for its only product.Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 290 units @ $13.60 = $ 3,944 Jan. 10 Sales 260 units @ $43.60 Mar. 14 Purchase 500 units @ $18.60 = 9,300Mar. 15 Sales 430 units @ $43.60 July 30 Purchase 490 units @ $23.60 = 11,564 Oct. 5 Sales 470 units @ $43.60 Oct. 26 Purchase 190 units @ $28.60 = 5,434 Totals 1,470 units $ 30,242 1,160 units Required: Hemming uses a perpetual inventory system.1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
Cullumber Company sells one product. Presented below is information for January for Cullumber Company. Nov. 1 Inventory 300 units at $ 12 each 5 Purchase 180 units at $ 13 each 10 Sale 410 units at $ 19 each 15 Purchase 410 units at $ 12.50 each 21 Sale 430 units at $ 20 each 30 Purchase 400 units at $ 12.80 each Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Date Transaction Numberof Units PerUnit Jan. 1 Beg. Inv. 50 $15 Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: SpecificIdentification First-In,First-Out Last-In,First-Out WeightedAverage Cost Cost of Goods Sold fill in the blank fill in the blank fill in the blank fill in the blank Ending Inventory fill in the blank fill in the blank fill in the blank fill in the blank Gross Margin fill in the blank fill in the blank fill in the blank fill in the blank
Required information Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 220 units @ $10.80 = $ 2,376 January 10 Sales 190 units @ $40.80 March 14 Purchase 330 units @ $15.80 = 5,214 March 15 Sales 280 units @ $40.80 July 30 Purchase 420 units @ $20.80 = 8,736 October 5 Sales 390 units @ $40.80 October 26 Purchase 120 units @ $25.80 = 3,096 Totals 1,090 units $ 19,422 860 units Required: Hemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Compute the gross profit for FIFO method and LIFO method.
The following are the sales and purchases of Med Company: Units Unit price January Sales 300,000 $15 January Purchases: January 4 38,000 8.20 January 10 42,500 8.50 Janurary 16 50,200 8.10 January 24 49,000 8.40 At the end of the month, 60,000 units were on hand. Med's gross profit on sale for January was $1,200,800. The company uses periodic FIFO inventory costing system. What was the unit average cost of the January 1 inventory?
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13 Sale 126 units at $9 each 20 Purchase 158 units at $7 each 27 Sale 103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.
can you help me complete this ones, the second table I think I did wrong Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 235 units @ $11.40 = $ 2,679 January 10 Sales 170 units @ $41.40 March 14 Purchase 360 units @ $16.40 = 5,904 March 15 Sales 290 units @ $41.40 July 30 Purchase 435 units @ $21.40 = 9,309 October 5 Sales 410 units @ $41.40 October 26 Purchase 135 units @ $26.40 = 3,564 Totals 1,165 units $ 21,456 870 units
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Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail Date Activities Units Acquired at Cost Jan. 1 Beginning inventory Jan. 3 Sales 180 units @ $2 = $ 360 Feb. 14 Feb. 15 Sales Purchase 282 units @ $3 = $ 846 118 units @ $8 200 units @ $8 June 30 Purchase 230 units @ $4 = $ 920 Nov. 6 Sales Nov. 19 Purchase Totals 170 units @ $8 76 units @ $5 768 units = $ 380 $2,506 488 units Required: The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.
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 165 units@ $9.00 - $1,485 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 125 units @ $18.00 Jan. 20 Purchase Jan. 25 Sales 110 units@ $8.00 = 880 125 units @ $18.00 Jan. 30 Purchase 230 units@ $7.50 - 1,725 Totals 505 units $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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…
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13 Sale 126 units at $9 each 20 Purchase 158 units at $7 each 27 Sale 103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.