1 B C D E H L M 7 10 11 12 8 23456002-NONSER90 16 2...

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1 B C D E H L M 7 10 11 12 8 23456002-NONSER90 16 2 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 180 units from the January 30 purchase, 5 units from the Specific Identification Data January 20 purchase, and 15 units from beginning inventory 180 15 5 Date 1-Jan 8 10-Jan Activities Beginning inventory Sales Units Acquired at Cost Units sold at Retail 140 units $6.00 $840 100 units @ $15 20-Jan Purchase 60 units $5.00 NO 300 25-Jan 30-Jan Sales 80 units $15 Purchase Totals 180 units 380 units @ $4.50 810 $1.950 180 units 13 4 Required: 51. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 7 (Use cells A2 to L12 from the given information to complete this question.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory # of 1 Purchase Date 1-Jan Activity Beginning inventory units Unit Cost Per #of units Cost Per sold Unit COGS Ending Inventory Units Cost Per Ending Inventory- Unit Cost 140 $6.00 $6.00 $6.00 20-Jan Purchase 60 $5.00 $5.00 $5.00 30-Jan Purchase 180 $4.50 $4.50 $4.50 380 1-Jan 10-Jan 20-Jan Goods Purchased Date of units at Weighted Average-Perpetual Cost of Goods Sold Cost per Cost per unit of units sold unit Cost of Goods Sold of units unit Inventory Balance Cost per Inventory Balance 140 at $6.00 at at $6.00 at at at at at 50.00 at at Average cost January 201 25-Jan 30-Jan Totals at 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 50 (Use cells A2 to L12 from the given information to complete this question.) 51 52 Perpetual FIFO: 53 Goods Purchased Cost of Goods Sold Cost per 54 Date # of units unit of units sold Cost per unit Inventory Balance Cost per Cost of Goods Sold of units unit Inventory Balance 55 1-Jan 140 at $6.00 57 10-Jan 59 60 20-Jan 61 Total January 20 63 64 25-lan at $6.00 at $6.00 60 at $5.00 at 56.00 at $5.00 at $6.00 at $6.00 at $5.00 at $5.00 65 Total January 25 67 68 180 @ $4.50 69 30-Jan 70 Totals 71 72 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO 73 74 (Use cells A2 to 112 from the given information to complete this question.) at $6.00 at $5.00 at $4.50 O A B D 74 (Use cells A2 to LIZ from the given information to complete this question.) 75 E G L M N 76 77 Goods Purchased Cost per Perpetual LFO: Cost of Goods Sold Cost per Inventory Balance Cost per 78 Date of units unit # of units sold unit Cost of Goods Sold # of units unit Inventory Balance 79 1-Jan 140 at $6.00 81 10-Jan at $6.00 at $6.00 83 84 20-Jan 85 Total January 20 60 at $5.00 at $6.00 at $5.00 87 88 25-Jan 89 Total January 25 91 180 at $4.50 92 93 30-Jan 94 Totals 95 96 97 at $6.00 at $6.00 at $5.00 at $5.00 98 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work 99 Nothing in this area will be graded but it will ha ritm at $6.00 at $5.00 " at $4.50 B 1 B C D E H L M 7 10 11 12 8 23456002-NONSER90 16 2 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 180 units from the January 30 purchase, 5 units from the Specific Identification Data January 20 purchase, and 15 units from beginning inventory 180 15 5 Date 1-Jan 8 10-Jan Activities Beginning inventory Sales Units Acquired at Cost Units sold at Retail 140 units $6.00 $840 100 units @ $15 20-Jan Purchase 60 units $5.00 NO 300 25-Jan 30-Jan Sales 80 units $15 Purchase Totals 180 units 380 units @ $4.50 810 $1.950 180 units 13 4 Required: 51. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 7 (Use cells A2 to L12 from the given information to complete this question.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory # of 1 Purchase Date 1-Jan Activity Beginning inventory units Unit Cost Per #of units Cost Per sold Unit COGS Ending Inventory Units Cost Per Ending Inventory- Unit Cost 140 $6.00 $6.00 $6.00 20-Jan Purchase 60 $5.00 $5.00 $5.00 30-Jan Purchase 180 $4.50 $4.50 $4.50 380 1-Jan 10-Jan 20-Jan Goods Purchased Date of units at Weighted Average-Perpetual Cost of Goods Sold Cost per Cost per unit of units sold unit Cost of Goods Sold of units unit Inventory Balance Cost per Inventory Balance 140 at $6.00 at at $6.00 at at at at at 50.00 at at Average cost January 201 25-Jan 30-Jan Totals at 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 50 (Use cells A2 to L12 from the given information to complete this question.) 51 52 Perpetual FIFO: 53 Goods Purchased Cost of Goods Sold Cost per 54 Date # of units unit of units sold Cost per unit Inventory Balance Cost per Cost of Goods Sold of units unit Inventory Balance 55 1-Jan 140 at $6.00 57 10-Jan 59 60 20-Jan 61 Total January 20 63 64 25-lan at $6.00 at $6.00 60 at $5.00 at 56.00 at $5.00 at $6.00 at $6.00 at $5.00 at $5.00 65 Total January 25 67 68 180 @ $4.50 69 30-Jan 70 Totals 71 72 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO 73 74 (Use cells A2 to 112 from the given information to complete this question.) at $6.00 at $5.00 at $4.50 O A B D 74 (Use cells A2 to LIZ from the given information to complete this question.) 75 E G L M N 76 77 Goods Purchased Cost per Perpetual LFO: Cost of Goods Sold Cost per Inventory Balance Cost per 78 Date of units unit # of units sold unit Cost of Goods Sold # of units unit Inventory Balance 79 1-Jan 140 at $6.00 81 10-Jan at $6.00 at $6.00 83 84 20-Jan 85 Total January 20 60 at $5.00 at $6.00 at $5.00 87 88 25-Jan 89 Total January 25 91 180 at $4.50 92 93 30-Jan 94 Totals 95 96 97 at $6.00 at $6.00 at $5.00 at $5.00 98 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work 99 Nothing in this area will be graded but it will ha ritm at $6.00 at $5.00 " at $4.50 B