Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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 Units Acquired at Cost 215 units@ $14.00 - $3,010 165 units @ $23.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 160 units@ $13.00 - 2,080 190 units @ $23.00 330 units 705 units $12.50 - 4,125 $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 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. Required information Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cost pe places.) Specific Identification Cost of Goods Sold Available for Sale Ending Inventory Ending Cost Ending Inventory. Per Inventory Units Unit Cost Purchase Date Units Unit Cost COGS Activity Unit Cost Units Sold 400 175 S 14.00 $ 2.450 Jan 1 an 20 Beginning inventory Purchase Purchase 215 160 330 705 Jan. 30 $ 2.4500 Required 2 >

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

Step: 3

blur-text-image

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

Currency Internationalization Global Experiences And Implications For The Renminbi

Authors: Wensheng Peng, Chang Shu

2nd Edition

0230580491, 9780230580497

More Books

Students also viewed these Accounting questions