Loker Com onen wing Juary purchases and SW PRODUCE Date Activities Beginning Units sold at Retail Units Acquired at Cost 235 units@ $16.89 = $ 3,760 Jan. Inventory 185 units @ $25.00 188 units@ $15.00 = 2,780 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 200 units @ $25.00 370 units $14.58 = 785 units 5,365 $11,825 385 units The Company uses a perpetual inventory system. For specific identification ending inventory consists of 400 units where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning Inventory 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 a n d 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 UFO Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at CostUnits sold at Retail 235 units@ $16.00 = $ 3,760 185 units @ $25.00 180 units@ $15.00 = 2,700 200 units @ $25.00 370 units@ $14.50 = 5,365 785 units $11,825 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. expenses are $2,200 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decima Answer is not complete. LAKER COMPANY Income Statements For Month Ended January 31 Specific Weighted Identification Average FIFO LIFO Required information The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Beginning Jan. 1 inventory Jan. 19 Sales Mar. 14 Purchase Mar. 15 Sales July3e Purchase Oct. 5 Sales Oct.26 Purchase Totals Units Acquired at Cost Units Sold at Retail 230 units $11.20 $ 2,576 160 units@ $41.20 350 units@ $16.20 = 5,670 320 units@ $41.20 430 units $21.20 - 9,116 400 units@ $41.20 130 units $26.20 = 3,406 1,140 units $20,768 880 units Required Hemming uses a perpetual inventory system 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method CHEL WUR Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold FIFO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities Year 2 Year 1 $150 $100 730 670 220 125 685 210 180 205 280 199 170 1. Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using () LIFO numbers and (6) FIFO numbers, (Round your answers to 1 decimal place.) (a) Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using LIFO numbers. Numerator 1 Denominator Ratio Current ratio 5 210. 0 1900 Inventory turnover 685.0 S 685.0 1.0 times Days' sales in inventory S 15001S 730.0 02 days ande l in in 280 205 FIFO) Current liabilities 199 170 1. Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using (a) LIFO numbers (Round your answers to 1 decimal place.) (a) Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using LIFO numbers Numerator 1 Denominator Ratio Current ratio $ 210,0 $ 190,0 1.1 to 1 Inventory turnover $ 685. 0 1 $ 685.0 1.0 times Days' sales in inventory $ 150. 0 1 $ 730.0 0.2 days (1) Compute its current ratio, inventory turnover, and days' sales in inventory for year 2 using FIFO numbers. Numerator Denominator Ratio Current ratio Inventory turnover Days' sales in inventory Montoure Company uses a perpetual inventory system. It entered into the following calendar-year pur Date Activities Units Sold at Retail Jan. 1 Beginning Units Acquired at Cost 540 units@ $40 per unit 320 units@ $36 per unit 100 units@ $24 per unit inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 650 units@ $85 per unit 120 units@ $45 per unit 520 units@ $41 per unit 640 units @ $85 per unit 1,290 units 1,600 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale units Prev 8 of 8 Next