Question
Laker Company reported the following January purchases and sales data for its only product. I have already calculated the Specific Id & Weighted Average. I
Laker Company reported the following January purchases and sales data for its only product.
I have already calculated the Specific Id & Weighted Average. I need help calculating the (x) for FIFO
Laker Company reported the following January purchases and sales data for its only product.
DateActivitiesUnits Acquired at CostUnits sold at Retail
Jan.1Beginning inventory215 units@$14.00=$3,010
Jan.10Sales 165 units@$23.00
Jan.20Purchase160 units@$13.00= 2,080
Jan.25Sales 190 units@$23.00
Jan.30Purchase355 units@$12.00= 4,260
Totals730 units $9,350 355 units
Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 375 units, where 355 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
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