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. Complete the table to

Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Please fill in the yellow boxes. \table[[Date,Activities,Units Acquired at Cost,Units Sold at Retail],[Units,\table[[Cost],[per unit]],Total cost,Units,\table[[Selling price per],[unit]],Total Sales],[January 01,Beginning inventory,170,$9.50,$1,615.00,,,],[January 10,Sales,,,,130,$18.50,$2,405.00],[January 20,Purchase,120,$8.50,$1,020.00,,,],[January 25,Sales,,,,130,$18.50,$2,405.00],[January 30,Purchase,260,$8.00,$2,080.00,,,],[,Totals,550,,$4,715.00,260,,$4,810.00]]
For specific identification, ending inventory consists of the following units:
\table[[Units from beginning inventory,,25,,,],[,Units from purchase of January 20,,5,,,],[,Units from purchase of January 30,,260,,,],[Specific Identification,Cost of Goods Sold,Ending Inventory],[Units available,Units,\table[[Cost],[per unit]],Total cost,Units,Cost per unit,Total Cost],[170 units from beginning inventory,F,$9.50,,F,$9.50,],[120 units purchased on January 20,I,$8.50,,F,$8.50,],[260 units purchased on January 30,F,$8.00,,Z,$8.00,],[Totals,0,,$0.00,0,,$0.00]]
image text in transcribed

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

Accounting What The Numbers Mean

Authors: David Marshall, Wayne McManus, Daniel Viele

8th Edition

0073379417, 978-0073379418

More Books

Students also viewed these Accounting questions

Question

=+d. Purchaser: buys the item.

Answered: 1 week ago