Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6 Laker Company reported the following January purchases and sales data for its only product. Date Units Acquired at Cost Units sold at Retail 160

image text in transcribed

6 Laker Company reported the following January purchases and sales data for its only product. Date Units Acquired at Cost Units sold at Retail 160 units $22.s0 160 units $22.5e Activities Jan 1 Beginning inventory 21 units@ $13.5- $2,835 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Part 1 of 2 150 units $12.58-1,875 320 unit $12.3,840 680 units 10 points Totals $8,550 320 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 360 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory. Determine the cost assigned to eBook ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, () FIFO, and (d) LIFO Hint Complete this question by entering your answers in the tabs below Print Specific Id Weighted FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 360 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per costof Goods Available for Ending Inventory #Of units Cost Ending Cost of Goods # of units sold Cost per Cost of in ending per unit Inventory unit Sale unit Goods Sold ending Beginning inventory 210$13.50S 2,835 35 $13.50 $ 473 Purchases 5 $12.50 320 $12.00 360 Jan. 20 150$ 12.50 1,875 3,840 8,550 145 12.50 1,813 32012.00 680 63 3,840 $ 4,376 Jan. 30 Total 145 S 1813 Specific ld Weighted Average

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions