Question
Lander Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold Jan. 1 Beginning
Lander Company reported the following January purchases and sales data for its only product.
Date | Activities | Units Acquired at Cost | Units sold | ||||||||||||
Jan. | 1 | Beginning inventory | 240 | units | @ | $ | 16.50 |
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Jan. | 10 | Sales |
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| 190 | units | ||
Jan. | 20 | Purchase | 170 | units | @ | $ | 15.50 |
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Jan. | 25 | Sales |
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| 190 | units | ||
Jan. | 30 | Purchase | 380 | units | @ | $ | 15.00 |
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REQUIRED:
1. Determine the cost assigned to ending inventory and to cost of goods sold using (a) weighted average, (b) FIFO, and (c) LIFO.
2. If the companys sales price per unit is $25.50, how much is the companys profit using (a) weighted average, (b) FIFO, and (c) LIFO.
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