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, ending

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 180units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.

Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 140 units @ $ 6.00 = $ 840
January 10 Sales 100 units @ $ 15
January 20 Purchase 60 units @ $ 5.00 = 300
January 25 Sales 80 units @ $ 15
January 30 Purchase 180 units @ $ 4.50 = 810
Totals 380 units $ 1,950 180 units

rev: 10_06_2020_QC_CS-232448

Compute gross profit for the month of January for Laker Company for the four inventory methods.(Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.)

LAKER COMPANY
For Month Ended January 31
Specific Identification Weighted Average FIFO LIFO
Sales
Cost of goods sold
Gross profit $0 $0 $0 $0

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

Financial Accounting Fundamentals

Authors: John Wild

4th Edition

0078025591, 9780078025594

More Books

Students also viewed these Accounting questions

Question

2. How do I perform this role?

Answered: 1 week ago