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Part A Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Business Solutions has three different types of software in its inventory, and the following information is available for each Inventory Items Office productivity 8 83 85 Desktop publishing 7 112 Accounting Units cost Market 8 105 102 Required 1. & 2. Compute the lower of cost or market for ending inventory assuming Rey applies the lower of cost or market rule to inventory as a whole and and lower of cost or market rule to each product in inventory Must Rey adjust the reported inventory value? Part B Selected accounts and balances for the three months ended March 31. 2018, for Business Solutions follow. Danuary 1 beginning inventory Cost of goods sold March 31 ending inventory 35,247 2,274 Compute inventory turnover and days sales in inventory for the three months ended March 31, 2018 0 Answer is not complete. Compute inventory turnover and days sales in inventory for the three months ended March 31, 2018. Answer is not complete. Complete this questions by entering your answers in the below tabs. Part A Part B Compute inventory turnover and days' sales in inventory for the three months ended March 31, 2018. Inventory Turnover Choose Numerator Choose Inventory Turnover r: Cost of goods sold Average inventory 35,247 t_nvertoryTurnover 2,2740| 16 Days' Sales in Inventory Choose Choose Numerator Ratio 0 days Required information (The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product Date Activities units Acquired at cost units sold at Retail an. inventory Jan. 10 Sales Jan. 20 Purchase Beginning 225 units@ $15.00 -$ 3,375 180 units0 $14.00 2,520 35e units@ $13.504 725 175 units $24.00 210 units $24.00 25 Ssales Jan.30 Purchase an. 30 Fur chase10 unitse s13.50 4.723 Totals 755 units $10,620 385 units The Company uses a perpetual inventory system For specific identification ending inventory are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are trom 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 assigned to ending inventory and to cost of goods sold using FIFC 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Goods Purchased Cost of Goods Sold Inventory Balance #of units Cost per Cost iper Cost per Date |#ofunits sold Cost of Goods Sold #Of units Inventory Balance i: s 3.375 00 $ 750.00 January 1 225 |@ $1500 $15 00 1500 $14.00 January 10 175 1500 2.625 0050 January 20 180 $14 0 750.00 2,520.00 3,270 00 180 o S15.00 0020o$14 00 January 2 50 315.00 160 $14 00 750.00 2,240 0020 2190 00 80.00 280 00 300 00 280 00 January 30 $1 $15 00 Totals 6815.00 5,30600 Required information The following information apples to the questions displayed below/ Laker Company reported the following January purchases and sales data for its only product te Activities units Acquired at cost units sold at Retail Beginning jan. 1 inventory 225 units@ $15.00 3,375 180 units$14.00 2,520 350 unitse $13.5 4,725 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales 175 units e $24.00 210 units $24.00 Jan. 30 Purchase Totals 755 units $10,620 385 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory Required 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods Assume expenses are $2.100, and that the applicable income tax rate is 40% (Round your intermediate calculations to 2 decimal places.) ER COMP Income Statements For Month Ended January 31 Specific Weighted Av FIFO LIFO Required: 1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods expenses are $2.100, and that the applicable income tax rate is 40% Round your Intermediate calculations to 2 decima 3 Answer is not complete. LAKER COMPANY Income Statements For Month Ended January 31 Specific Identific Weighted Average FIFO LIFO Sales Cost of goods sold Gross proft Expenses Income before taxes Income tax expense Net income 9,240 9240 s 9,240 3,640 (5,611) 3,625 3,645 2.100 6, 1,540 2,100 o (7,711) 2.100 ot-2,1000 | 1.525 616 924 IS (8,323) 1,545 612610618 915 927 2. Which method yields the highest net income? Required information The following information applies to the questions displayed below Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Activities Units Acquired at Cost Beginning 200 units@ $12.50- $2,500 Date inventory Jan. 10 Sales Jan. 20 Purchase an.25 Sales Jan.30 Purchase300 units@ $11.00-3,300 160 units@ $21.50 130 units@ $11.50-1,495 140 units@ $21.50 0 Totals 630 units $7,295 300 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 330 units, where 300 are the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory Determine the cost assigne ending inventory and to cost of goods sold sing (o) specific identification. (b) weighted average. () FIFO, and (o) LIFO 8 Answer is not complete. Complete this questions by entering your answers in the below tabs. Specific Id Weighted Average FIFO LIFO Specific ldWeighted FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available #of units sold #of |Cost Cost of | #0f units |cost | Ending Goods in ending per units per per unit unit Sold inventory unit 200 0 512 5605 2.500 200 05 12.50 2500 Beginning inventory 200 s 1250 2,500 300 01s1250 |s 3,750 130$11 501,495 100S 11.50 1,150 300$11.003,300 Jan. 20 1,495 100 1150 30 3 $11.50 345 Jan 30 630725300 Total 7,295 3,650 330 4,095 Weighted Average Complete this questions by entering your answers in the below tabs. Specific Id Weighted FIFO LIFO Averaqe Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Average Cost Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of units Cost of Goods #of units Average Cost |Cost of Goods |#0f units in ending Average Cost Ending Cost per unit sold per Unit Sold inventory per unit Inventory Beginning inventory 200 2,500 Jan. 20 Jan 30 130 1,495 3,300 7205 3001011 1405 Total 630 1100 is 3,300 130 1150$ 1,495 Specific Id FIFO > Specific Id Weighted FIFO LIFO Average Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory |Cost #of |Cost | cost of units per Cost of Goods |#0f units in ending #of Cost | Endi Goods Available units per Sold inventoryunit Inventory 300 $1250 S 3,750 unit for Salesold 2,500 unit Beginning inventory 200 12.50 Purchases Jan. 20 Jan 30 130 11501,495 175 1150 2,01325$11.50288 300 11.00 630 3,300 125S 1100 1,375 7,295 Total 300 $ 3,388 325 $ 4,038 Weighted Average LIFO > Speaific Id Weighted Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. ) LIFO FIFO LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory #of |Cost per Cost of Goods Cost of | Goods # of units | Cost | Ending in ending per Inventory inventory unit #of Cost unitse Availableunits per unit Sold for Salesoldunit Beginning inventory 200 12.50 2,500 Purchases 1,495 3,300 330 S 11.00 3,630 7,295 Jan. 20 130 11.50 300 11.00 630 Jan. 30 Total 330 3,630 From Hese Go Amyote Veginia pter 5-Project 5 0 Required information The ollowing information applies to the questions disployed below Laker Company reported the following Janusry purchases and sales data for its only product Activiti ts Acquired at CostRetail Beginning 20 units@$12.5-$2,500 an. 1 inventory Jan.18 Sales 160 units$21.se 118 unitse $11.50- 1,495 14o units@ $21.5e Jan. 25 Sales an. 30 Purchase 0 units8 511.003,30 630 units Totals 7,295 300 nits Required 1. Complete comparative ncome statements for the merh of January tor take contary using eur rventory methods Assume expenses are $1.850, and that the cekati' nem. ta' tate unit to 2 decimal places penodc nventory snem fr re 40k ound your meege cou pr Specifie