Laker Company reported the following January purchases and sales data for its only product. The Company...
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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 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning Inventory. Date January 1 January 10 Activities Beginning inventory 160 units Units Acquired at Cost $ 8.50 Units sold at Retail $ 1,360 January 20 January 25 January 30 Sales Purchase Sales Purchase 120 units $17.50 100 units $7.50 750 120 units $17.50 Totals 240 units @ $7.00 see units 1,680 $ 3,790 240 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identification. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Date Cost Cost # of units # of units per unit sold per unit Cost of Goods Sold Inventory Balance Cost of units per Inventory Balance unit January 1 160 at $8.50 = S 1,360.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals 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 240 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning Inventory. Date January 1 January 10 Activities Beginning inventory 160 units Units Acquired at Cost $ 8.50 Units sold at Retail $ 1,360 January 20 January 25 January 30 Sales Purchase Sales Purchase 120 units $17.50 100 units $7.50 750 120 units $17.50 Totals 240 units @ $7.00 see units 1,680 $ 3,790 240 units Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identification. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending Inventory and to cost of goods sold using LIFO. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Date Cost Cost # of units # of units per unit sold per unit Cost of Goods Sold Inventory Balance Cost of units per Inventory Balance unit January 1 160 at $8.50 = S 1,360.00 January 10 January 20 Total January 20 January 25 Total January 25 January 30 Totals
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To determine the cost assigned to ending inventory and cost of goods sold using specific identification weighted average FIFO and LIFO we can calculate the cost for each method based on the given data ... View the full answer
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