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Use the following information for the Exercises 3-7 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Laker Company reported
Use the following information for the Exercises 3-7 below. (Algo)
Skip to question
[The following information applies to the questions displayed below.]
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 190 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory.
Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
January 1 | Beginning inventory | 145 | units | @ | $ 7.00 | = | $ 1,015 | ||||
January 10 | Sales | 105 | units | @ | $ 16.00 | ||||||
January 20 | Purchase | 70 | units | @ | $ 6.00 | = | 420 | ||||
January 25 | Sales | 85 | units | @ | $ 16.00 | ||||||
January 30 | Purchase | 190 | units | @ | $ 5.50 | = | 1,045 | ||||
Totals | 405 | units | $ 2,480 | 190 | units |
Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1
Assume the perpetual inventory system is used.
Required:
- Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
- Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
- Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
- Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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