LOKCI Company pro UTE TONOWY January purcilase CHU Si Udid 10 Typ UUULE. CUMHyues d perpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 220 units @ $ 14.5 = $ 3,190 January 10 Sales 170 units $ 23.50 January 20 Purchase 170 units $13.50 = 2, 295 January 25 Sales 200 units @ $ 23.50 January 30 Purchase 370 units @ $13.00 4, 810 Totals 760 units $ 10,295 370 units 1. Compute gross profit for the month of January for Laker Company for the four inventory methods 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 Compute gross profit for the month of January for Laker Company for the four inventory methods. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) LAKER COMPANY For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Sales Cost of goods sold Gross profit $ 0 $ Os 0 $ 0 Fe Reg 2 to 4 > 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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 220 units @ $ 14.50 = $ 3,190 January 10 Sales 170 units @ $ 23.50 January 20 Purchase 170 units @ $13.50 2, 295 January 25 Sales 200 units $ 23.50 January 30 Purchase 370 units @ $ 13.00 = 4,810 Totals 760 units $ 10, 295 370 units 1. Compute gross profit for the month of January for Loker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? Complete this question by entering your answers in the tabs below. Reg 1 Req 2 to 4 2. Which method yields the highest gross pront? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. It costs were rising instead of faling, which method would yield the highest gross profit?
