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I keep getting the answer marked incorrect. If you can figure it out, would be much appreciated! O Required information Use the following information for

I keep getting the answer marked incorrect. If you can figure it out, would be much appreciated!
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O Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below! 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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Date Activities Unita egined at Cort Onits old at Metall January 1 Beginning inventory 190 units. 57.00 - $ 1,330 January 10 Sales 150 nits . $ 16.00 January 20 Purchase 110 unite . 5 6.00 - January 25 Sales January 30 Purchase 200 units. 5.50 - Total 586 unito $ 3,50 300 unite CE 130 wita . $ 16.00 sta Exercise 6-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? Answer is complete but not entirely correct Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 Compute gross profit for the month of January for Laker Company for the four inventory methods. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) FIFO UFO LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average 4480S 4480 1.855 1.704 2.625 2776 Sales Cost of goods sold Gross profil 4.450 1870 2.510 1850 2.630 s $ Reg 2 to 4 > Required information Use the following information for the Exercises 3-7 below. (Algo) The following information applies to the questions displayed below) 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 280 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Date Activities Unite Aquired at cost Onits sold at Retail January 1 Deginning inventory 190 units. $ 7.00 - $1,330 January 10 Sales 150 site January 20 Turchase 110 units $ 6.00 - 60 January 25 Sales 130 usita January 30 280 units $5.50 - 3.560 Totals 580 units # 3,530 $16.00 . 16.00 Purchase 200 Exercise 6-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Rec1 Reg 2 to 4 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and UFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? 2. Which method yields the highest gross profit 3. Does gross profit using weighted average fall between that using FIFO and L.IFO? 4. costs were rising instead of falling, which method would yield the highest gross profit? LIFO Yes FIFO OOO

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