Question
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan.
Laker Company reported the following January purchases and sales data for its only product.
Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||||||||
Jan. | 1 | Beginning inventory | 165 | units | @ | $ | 9.00 | = | $ | 1,485 |
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Jan. | 10 | Sales |
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| 125 | units | @ | $ | 18.00 |
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Jan. | 20 | Purchase | 110 | units | @ | $ | 8.00 | = |
| 880 |
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Jan. | 25 | Sales |
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| 125 | units | @ | $ | 18.00 |
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Jan. | 30 | Purchase | 250 | units | @ | $ | 7.50 | = |
| 1,875 |
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| Totals | 525 | units |
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| $ | 4,240 |
| 250 | units |
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rev: 09_15_2017_QC_CS-99723
Required:
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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
Complete this questions by entering your answers in the below tabs.
- Specific Id
- Weighted Average
- FIFO
- LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 275 units, where 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory.
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
b) Average Cost | Cost of Goods Available for Sale | Cost of Goods Sold | Ending Inventory | ||||||
# of units | Average Cost per unit | Cost of Goods Available for Sale | # of units sold | Average Cost per Unit | Cost of Goods Sold | # of units in ending inventory | Average Cost per unit | Ending Inventory | |
Beginning inventory | |||||||||
Purchases: | |||||||||
Jan. 20 | |||||||||
Jan. 30 | |||||||||
Total | 0 | $0 | $0 | $0 |
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