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.Units sold at RetailUnits Acquired at Cost165 units@ $9.00 = $1,485DateActivitiesJan.1 Beginning inventory125 units @$18.00Jan. 10 SalesJan. 20 Purchase110 units@ $8.00 =088125 units @$18.00Jan. 25 SalesJan. 30 Purchase230 units@ $7.50 =1,725505 units$4,090250 unitsTotalsThe Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where230 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 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 4 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where230 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 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 coplaces.)Specific IdentificationAvailable for SaleCost of Goods SoldEnding InventoryUnitCostUnitsSoldEndingInventory-UnitsCost PerUnitEndingInventory-CostPurchase DateActivityUnitsUnit CostCOGSJan. 1Beginning inventory165Jan. 20Purchase110Jan. 30Purchase230505$

Name: Use the following information for the Exercises below.[The following
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Description: 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.Units sold at RetailUnits Acquired

Specific Identification Method: The specific identification method is a technique for discovering…

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. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 - $1,485 Date Activities Jan. 1 Beginning inventory 125 units @ $18.00 Jan. 10 Sales Jan. 20 Purchase 110 unitse $8.00 - 880 125 units @ $18.00 Jan. 25 Sales Jan. 30 Purchase 230 units@ $7.50 = 1,725 505 units $4,090 250 units Totals 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.

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. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 - $1,485 Date Activities Jan. 1 Beginning inventory 125 units @ $18.00 Jan. 10 Sales Jan. 20 Purchase 110 unitse $8.00 - 880 125 units @ $18.00 Jan. 25 Sales Jan. 30 Purchase 230 units@ $7.50 = 1,725 505 units $4,090 250 units Totals 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.

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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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.
Required Information [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 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 3.9.00 $ 8.00 165 units 110 units 10 250 units e 525 units 3.7.50 $ 1,485 880 1,875 $4,240 Units sold at Retail 125 units 125 units 250 units @ e $18.00 $18.00 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
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 records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise: Beginning Inventory at FIFO: 16 Units @ $19 = $304 Beginning Inventory at LIFO: 16 Units @ $15 = $240 January Transactions Units Unit Cost Total Cost Purchase, January 9 26 $17 $ 442 Purchase, January 20 50 22 1, 100 Sale, January 21 (at $41 per unit) 40 Sale, January 27 (at $42 per unit) 28 Required: Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. Which costing method is the more accurate indicator of the efficiency of inventory management?
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.
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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.
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.
Use the following information for the Exercises 8-10 below. (Algo) 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 240 units @ $11.60 = $ 2,784 January 10 Sales 180 units @ $41.60 March 14 Purchase 370 units @ $16.60 = 6,142 March 15 Sales 330 units @ $41.60 July 30 Purchase 440 units @ $21.60 = 9,504 October 5 Sales 415 units @ $41.60 October 26 Purchase 140 units @ $26.60 = 3,724 Totals 1,190 units $ 22,154 925 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 140 units from the October 26 purchase. Using the specific identification method, calculate…
Concord Company sells one product. Presented below is information for January for Concord Company. Jan. 1 Inventory 103 units at $5 each 4 Sale 82 units at $8 each 11 Purchase 135 units at $7 each 13 Sale 102 units at $9 each 20 Purchase 167 units at $7 each 27 Sale 108 units at $11 each Concord uses the FIFO cost flow assumption. All purchases and sales are on account. 1. Assume Concord uses a perpetual system. Prepare all necessary journal entries. 2. Compute gross profit using the perpetual system. 3.Compute gross profit using the periodic system.
! Required information [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 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 175 units @ Units Acquired at Cost $ 10.00 = Units sold at Retail $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales 135 units $ 19.00 130 units @ $ 9.00 = Purchase Totals 275 units @ 580 units $ 7.00 = 1,170 1,925 140 units $ 19.00 $ 4,845 275 units The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…