Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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 Unit Mequired at Coat Units sold at Retail Jan. 1 Beginning inventory 230 units $15.50 - $ 3,565 Jan. 10 Salen 100 units $24.50 Jan. 20 Purchase 190 unitse $14.50 - 2,755 Jan. 25 Sales 220 units $24.50 Jan. 30 Purchase 360 unita 510.00 - 5,040 Totals 780 units $11,360 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 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 assigned 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 LIFO. Camnlete this question Determine the cost assigned to ending Inventory and to cost of goods sold using FIFO. (Round cost per unit to 2 decimal places.) Perpetual FIFO Goods Purchased # of Cost per units unit Cost of Goods Sold #of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 230 @ $ 15.50 - $ 3,566.00 January 1 January 10 January 20 January 25 January 30 Totals

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting For Undergraduates

Authors: Christensen, Theodore E. Hobson, L. Scott Wallace, James S.

1st Edition

1618531123, 9781618531124

More Books

Students also viewed these Accounting questions

Question

What is the market entry plan for Mildura Orange Juice?

Answered: 1 week ago

Question

How to Calculate the Regression Line

Answered: 1 week ago