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. Date Activities Units acaquired at cost Units sold at retail Jan

Laker company reported the following January purchases and sales data for its only product.

Date

Activities

Units acaquired at cost

Units sold at retail

Jan 1

Begin inventory

140 units@ 6.00 =$840

Jan 10

Sales

100 units @ 15

Jan 20

Purchases

60 units@ 5.00 = 300

Jan 25

Sales

80 units @ $15

Jan 30

Purchases

180 units @ 4. 50 = 810

Totals

380 units 1, 950

180 units

The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of good using (a)specific identification, (b) weighted average, (c) FIFO, and (d) LIFO, (round per units costs and inventory amounts to cents.). For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, an 15 are from the beginning inventory.

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_2

Step: 3

blur-text-image_3

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

Financial Accounting

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

16th Edition

1337913103, 9781337913102

More Books

Students also viewed these Accounting questions

Question

What is the purpose of amplification?

Answered: 1 week ago

Question

1. To gain knowledge about the way information is stored in memory.

Answered: 1 week ago