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hello. please help me fill in my incorrect answers:) i give thumbs up Laker Company reported the following January purchases and sales data for its
hello. please help me fill in my incorrect answers:) i give thumbs up
Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 200 units @ $12.50 = $2,500 160 units @ $21.50 Jan. 20 Purchase 130 units @ $11.50 1,495 Jan. 25 Sales 140 units@ $21.50 Jan. 30 Purchase 300 units@ $11.00 3,300 Totals 630 units $7,295 300 units Jan. 18 Sales Specific Id Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending invent 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. a) Specific Cost of Goods Available for Identification Sale Cost of Goods Sold Ending Inventory Cost of #of Cost Goods # of Cost Cost of # of units Cost units per Available units Ending per Goods in ending per sold for Sale unit Sold Inventory inventory unit Beginning inventory 200 S 12.50 2,500 160 $ 12.50 $ 2.000 200 x $ 2,500 12.50 Purchases unit Jan 20 130 11.50 1495 15 S 1150 173 40 $ 11.50 460 Jan 30 300 630 11.00 3,300 25 125 X 5 11.00 300 Total 275 1,375 $ 3,548 11.00 7.295 265 $ 3.235 Specific Id Weighted Average FIFO UFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of Average Cost of # of Goods Average Cost of # of units Average units Cost Available units Cost Goods in ending Cost Ending per unit sold per Unit Cold for Sale inventory Inventory Boginning inventory 200 2,500 Purchases Jan 20 130 1,495 Jan 30 300 3,300 Total 630 $ 1750 $ 7,295 300 $ 12.12 X 5 3,636 330 $ 11.91 S 3,930 per unit Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of #of Cost Goods units per Available for Sale 200 12.50 S 2.500 # of units sold Cost per unit Cost of Goods Sold unit Ending Inventory # of units Cost in ending per Ending inventory unit Inventory $ 200 S 12 50 2,500 Beginning inventory Purchases 100 $ 12.50 $ 2.000 Jan 20 130 11 50 1,495 170 1,955 Jan. 30 300 11.00 3,300 $ 11.50 S 11.00 330 Total 3,630 630 S 7.295 160 $ 2,000 700 $ 8,085 Specific id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold # of Cost Cost of # of Goods Cost Cost of units per Available units per Goods unit sold unit Sold for Sale Beginning inventory 200 12.50 $ 2,500 200 X $ 12.50 $ 2,500 Purchases Ending Inventory # of units Cost in ending Ending per inventory unit Inventory 200 S 12.50 2,500 Jan 20 130 11.50 1,495 170 11.50 1,955 Jan. 30 300 1100 330 3.630 3,300 7.295 11.00 Total 630 5 200 $ 2,500 700 $ 8,085 Step by Step Solution
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