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Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending
Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are 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 |
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Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. etermine the cost assigned to ending inventory and to cost of goods sold using FIFO. etermine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. etermine the cost assigned to ending inventory and to cost of goods sold using FIFO. etermine the cost assigned to ending inventory and to cost of goods sold using LIFO
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