Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification,

image text in transcribed

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 236 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 51 are from beginning inventory Date Activities January 1 Beginning inventory January 10 Sales January 20 Purchase January 25 Sales January 30 Purchase Totals 158 units 78 units 180 units I 416 units Units Acquired at Cost 56.00- $5.00 - $4.50 -> Units sold at Retail $948 82 units $15.00 390 58 units F $15.00 810 $ 2,148 100 units Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (d) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of are from the January 30 purchase, 5 are from the January 20 purchase, and 51 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for # of units sold Cost per unit Cost of Goods Sold # of units in Sale ending Inventory Cost per unit Ending Inventory Beginning inventory Purchases; January 20 January 30 Tal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Kin Lo, George Fisher

Volume 1, 1st Edition

132612119, 978-0132612111

More Books

Students also viewed these Accounting questions

Question

What is an insurable interest? Why is it important?

Answered: 1 week ago