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I have to put formulas too. Please write them with solutions. Laker Company reported the following January purchases and sales data for its only product.
I have to put formulas too. Please write them with solutions.
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 January 20 purchase, and 15 units from beginning inventory. Specific Identification 180 5 15 Date Units sold at Retail Units Acquired at Cost @ $6.00 = 140 units $840 100 units 13 $15 Activities 1-Jan Beginning inventory 10-Jan Sales 20-Jan Purchase 25-Jan Sales 30-Jan Purchase Totals 60 units @ $5.00 = 300 80 units 13 $15 @ $4.50 = 180 units 380 units 810 $1,950 180 units Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. (Use cells A2 to L12 from the given information to complete this question. Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) Weighted average cost per unit on: 1-Jan $6.00 10-Jan $6.00 20-Jan $5.40 25-Jan $5.40 30-Jan $4.59 LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average $2,700 $2,700 1,025 $1,675 $2,700 FIFO $2,700 LIFO $2,700 Sales Cost of goods sold Gross profit #REF! $2,700 $2,700Step by Step Solution
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