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 perpetual inventory system. For specific identification,

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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units Acquired at Cost 200 units e $ 12.50 - Date Activities Units sold at Retail Beginning inventory Sales Purchase $ 2,500 January 1 January 10 January 20 January 25 January 30 160 units $ 21.50 130 units $ 11.50 = 1,495 Sales Purchase 140 units $ 21.50 300 units $ 11.00 3,300 Totals 630 units $ 7,295 300 units Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Step by Step Solution

3.47 Rating (154 Votes )

There are 3 Steps involved in it

Step: 1

Ans1 Specific Identification Total Available Ending Inventory Cost of goods sold Date Units Rate Amo... 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

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

More Books

Students also viewed these Accounting questions

Question

Can partitioned join be used for r r.A s? Explain your answer

Answered: 1 week ago