Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If you can please include the formulas for some of the complicated parts it would be much appreciated. Laker Company reported the following January purchases
If you can please include the formulas for some of the complicated parts it would be much appreciated.
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 Specific Identification Data January 20 purchase, and 15 units from beginning inventory. 5 180 15 Units sold at Retail Units Acquired at Cost @ 56.00 140 units = $840 100 units $15 Date 1-Jan 10-Jan 20-Jan 25-Jan 30-Jan Activities Beginning inventory Sales Purchase Sales Purchase Totals 60 units @ $5.00 = 300 80 units @ $15 @ $4.50 180 units 380 units 810 $1,950 180 units Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Use cells A2 to L12 from the given information to complete this question) Specific identification Cost of Goods Sold Available for Sale COGS Purchase Date 1-Jan 20-Jan 30-Jan Activity Beginning inventory Purchase Purchase # of units 140 60 180 380 Cast Per # of units Cost Per Unit sold Unit $6.00 140 $6.00 $5.00 300 $5.00 $4.50 810 $4.50 1950 Ending Inventory Ending Ending Inventory Cost Per Inventory Units Unit Cost $6.00 $5.00 $4.50 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average (Use cells A2 to L12 from the given information to complete this question.) Goods Purchased Weighted Average - Perpetual Cost of Goods Sold Cost per #of units sold unit Cost of Goods Sold Cost per Date # of units unit Inventory Balance Cost per # of units unit Inventory Balance 140 at 56.00 at $6.00 1-Jan 10-Jan at 20-Jan at = at at = Average cost January 20 at 25-Jan at at 30-Jan at $0.00 at at Totals at 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Use cells A2 to L12 from the given information to complete this question.) Goods Purchased Perpetual FIFO: Cost of Goods Sold Cost per # of units sold unit Cost of Goods Sold Cost per unit Date # of units 1-Jan Inventory Balance Cost per # of units unit Inventory Balance 140 at $6.00 at $6.00 = at $6.00 = at $5.00 = 10-Jan at $6.00 60 at $5.00 20-Jan Total January 20 at at $6.00 $5.00 56.00 = $5.00 at at 25-Jan Total January 25 180 @ $4.50 at at $6.00 $5.00 $4.50 = "1" at 30-Jan Totals 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Use cells A2 to L12 from the given information to complete this question.) Perpetual LIFO: Cost of Goods Sold Goods Purchased Inventory Balance Cost per Cost per Cost per Date # of units unit # of units sold unit Cost of Goods Sold of units 140 at 1-Jan unit Inventory Balance $6.00 $6.00 10-Jan at $6.00 at 60 at $5.00 at = $6.00 $5.00 at = 20-Jan Total January 20 at . at at $6.00 $5.00 $6.00 $5.00 at 25-Jan Total January 25 180 at $4.50 at " at $6.00 $5.00 $4.50 = at 30-Jan TotalsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started