Question
[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
[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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
| Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| January 1 | Beginning inventory | 210 | units | @ | $ 13.50 | = | $ 2,835 | ||||
| January 10 | Sales | 160 | units | @ | $ 22.50 | ||||||
| January 20 | Purchase | 150 | units | @ | $ 12.50 | = | 1,875 | ||||
| January 25 | Sales | 180 | units | @ | $ 22.50 | ||||||
| January 30 | Purchase | 340 | units | @ | $ 12.00 | = | 4,080 | ||||
| Totals | 700 | units | $ 8,790 | 340 | units |
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.
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Cost Accounting For Managerial Planning Decision Making And Control
Authors: Andrew Schiff, Hsihui Chang, Woody M Liao, James L Boockholdt
5th Edition
0759340412, 978-0759340411
