FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
9th Edition
ISBN: 9781265484040
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 5, Problem 3E
Exercise 5-3 Perpetual: Inventory costing methods P1
Laker Company reported the following January purchases and sales data for its only product.
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
Jan 1 | Beginning inventory……………… | 140 units @ $6.00=$ 840 | |
Jan 10 | Sales …………………………….. | 100 units @ $ 15 | |
Jan 20 | Purchase ……………………….. | 60 units @ $ 5.00 = 300 | |
Jan 25 | Sales ……………………………. | 80 units @ $ 15 | |
Jan 30 | Purchase ……………………….. | 180 units @ $4.50 = 810 | _______ |
Totals ………………………….. | 380 units $1,950 | 180 units |
Required
The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
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Exercise 5-3
Perpetual: Inventory costing methods
P1
Laker Company reported the following January purchases and sales data for its only product.
Date
Activities
Jan. 1
Jan. 10
Beginning inventory....
Sales
Units Acquired at Cost
140 units @$6.00 $ 840
Units Sold at Retail
100 units @ $15
Jan. 20
Jan. 25
Purchase.
Sales
60 units @ $5.00 = 300
80 units @ $15
Jan. 30
Purchase
Totals
180 units @$4.50= 810
380 units
$1,950
180 units
Required
The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific
identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) For specific identification,
ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning
inventory.
Question 8
Question Content Area
Trini Company had the following transactions for the month.
Beginning
inventory
Purchased May
31
Purchased Jul. 15
Purchased Nov. 1
Totals (Goods
available)
Number
of Units
1,060 $22
1,020
1,330
1,220
4,630
Cost
per
Unit
A. First-in, First-out (FIFO)
B. Last-in, First-out (LIFO)
C. Weighted Average
(AVG)
23
26
27
?
Total
$23,320
23,460
34,580
32,940
Ending inventory 950
Calculate the cost of goods sold dollar value for the period for each of the following cost allocation
methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places
and final answers to the nearest dollar amount.
114,300
Cost of Goods
Sold
$fill in the blank 1
$fill in the blank 2
$fill in the blank 3
Chapter 5 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
Ch. 5 - Prob. 1QSCh. 5 - Prob. 2QSCh. 5 - Prob. 3QSCh. 5 - Prob. 4QSCh. 5 - Perpetual: Inventory costing with FIFO P1 A...Ch. 5 - Prob. 6QSCh. 5 - Prob. 7QSCh. 5 - Prob. 8QSCh. 5 - Prob. 9QSCh. 5 - A Periodic: Inventory costing with weighted...
Ch. 5 - Prob. 11QSCh. 5 - Prob. 12QSCh. 5 - Perpetual: Inventory costing with weighted average...Ch. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Prob. 17QSCh. 5 - Prob. 18QSCh. 5 - Prob. 19QSCh. 5 - Prob. 20QSCh. 5 - Prob. 21QSCh. 5 - Prob. 22QSCh. 5 - Prob. 23QSCh. 5 - Prob. 24QSCh. 5 - Prob. 25QSCh. 5 - Prob. 26QSCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Exercise 5-3 Perpetual: Inventory costing methods...Ch. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Prob. 6ECh. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Prob. 1PSACh. 5 - Prob. 2PSACh. 5 - Prob. 3PSACh. 5 - Problem 5-4AA Periodic: Alternative cost flows...Ch. 5 - Prob. 5PSACh. 5 - Prob. 6PSACh. 5 - Prob. 7PSACh. 5 - Prob. 8PSACh. 5 - Prob. 9PSACh. 5 - Prob. 10PSACh. 5 - Prob. 1PSBCh. 5 - Prob. 2PSBCh. 5 - Prob. 3PSBCh. 5 - Prob. 4PSBCh. 5 - Prob. 5PSBCh. 5 - Prob. 6PSBCh. 5 - Prob. 7PSBCh. 5 - Problem 5-8BA Periodic: Income comparisons and...Ch. 5 - Prob. 9PSBCh. 5 - Prob. 10PSBCh. 5 - Prob. 5SPCh. 5 - Prob. 1.1AACh. 5 - Prob. 1.2AACh. 5 - Prob. 1.3AACh. 5 - Prob. 1.4AACh. 5 - Prob. 2.1AACh. 5 - Prob. 2.2AACh. 5 - Prob. 2.3AACh. 5 - Prob. 3.1AACh. 5 - Prob. 3.2AACh. 5 - Prob. 3.3AACh. 5 - Describe how costs flow inventory to cost of goods...Ch. 5 - Where is the amount of merchandise inventory...Ch. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - What factors contribute to (or cause) inventory...Ch. 5 - Prob. 8DQCh. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 5BTN
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