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Can someone help me complete this accounting problem? Laker Company reported the following January purchases and sales data for its only product Date Jan. 1
Can someone help me complete this accounting problem?
Laker Company reported the following January purchases and sales data for its only product Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Activities Units Sold at Retail 100 units @$15 80 units @$15 Units Acquired at Cost 140 units @ $6.00 = $ 840 300 810 $1,950 60 units @ $5.00 = 180 units @ $4.50 = Totals 380 units 180 units Laker uses a periodic inventory system. 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. 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 cost per unit to 3 decimal places.)Step by Step Solution
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