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It will be greatly appreciated if you can help me to do the following. Much thanks! Laker Company reported the following January purchases and sales
It will be greatly appreciated if you can help me to do the following. Much thanks!
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 Acquired at Cost 60 units $8.50 $1,360 00 units$7.50 750 220 units$7.00 1,540 Units Sold at Retail 120 units 120 units $17.50 $17.50 Totals 480 units $ 3,650 240 units b) Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per unit Inventory Balance Date # of units January 1 January 10 January 20 160 | @ $ 40@ $ 40@r $ 8.50$1,360.00 8.50|=| $ 340.00 8.50 340.00 750.00 $1,090.00 120 8.50$1,020.00 100 7.50 100 @ 140 7.50 Average cost January 25 January 30 220 | @ $ 7.00 Totals $1,020.00 c) Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of units cost per unit # of units sold Cost per unit Cost of Goods Sold Cost per Inventory Balance Date # of units unit January 1 January 10 January 20 120@ 100 | @ $ 7.50 January 25 120 @ C@ January 30 220 | @ $ 7.00 Totals d) Perpetual LIFO: Goods Purchased #of units ost of Goods Sold Inventory Balance Cost per unit # of units sold cost per Cost of Goods Cost per Inventory Balance Date # of units unit Sold unit January 1 January 10 January 20 January 25 January 30 TotalsStep by Step Solution
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