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Date January 1 January 10 January 20 January 25 January 30 Units Aequired at Cost 225 units $15.00 - $ 3,375 Units sold at Retail Activities Beginning inventory Sales Purchase Sales Purchase Totals 180 units 175 units $ 14.00 - . 2,520 $ 24.00 210 units 385 units 790 units $ 12.00 - $ 24.00 4.620 $ 10,515 385 unita Exercise 6-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Required: 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 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.) Date January 1 January 10 January 20 January 25 January 30 Units Aequired at Cost 225 units $15.00 - $ 3,375 Units sold at Retail Activities Beginning inventory Sales Purchase Sales Purchase Totals 180 units 175 units $ 14.00 - . 2,520 $ 24.00 210 units 385 units 790 units $ 12.00 - $ 24.00 4.620 $ 10,515 385 unita Exercise 6-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1 Required: 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 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.) Required information Use the following information for the Exercises 3-7 below. (Algo) (The following information applies to the questions displayed below.) 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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory Date Activities Unit Acquired at cost Unita soldat Retail January 1 Boginning inventory 225 units $15.00 - $ 3,375 January 10 Sales 5 24.00 January 20 Purchase 180 units . $ 14.00 January 25 January 30 385. unita $ 12.00 - Totals $ 10,515 385 units 175 units 2,520 210 units 5.24.00 Sales Purchase 4.620 790 units Exercise 6-7A (Algo) Periodic: Gross profit effects of inventory methods LO P3, A1
