Walberg Associates, antique dealers, purchased the contents of an estate for $38,700. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,800. Walberg Associates insured the shipment at a cost of $270. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $610. Determine the cost of the inventory acquired from the estate. Cost of inventory (estate's contents) Total cost of inventory Laker Company reported the following January purchases and sales data for its only product. Date Activities 1 Beginning inventory Units Acquired at Cost 145 unitse $7.00 $1,015 Units sold at Retail Jan. Jan. 10 Sales 105 units e $16.00 Jan. 20 Purchase 70 unitse $6.00 420 Jan. 25 Sales 85 units $16.00 190 unitse $5.50 Jan. 30 Purchase 1,045 Totals 405 units $2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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 your answers in the below tabs. Complete this questions by entering Required 3 Required 4 Required 1 Required 2 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Ending Inventory Cost of Goods Sold Available for Sale Ending Inventory- Cost Ending Inventory- Units Cost Per Unit Units Unit Cost COGS Unit Cost Units Activity Purchase Date Sold Beninning inuanton 445 lan 1 Complete this questions by entering your answers in t the below tabs. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory- Units Ending Inventory- Cost Unit Units Cost Per Unit Unit Cost Purchase Date Activity Units COGS Cost Sold Beginning inventory 145 Jan. 1 Jan. 20 Purchase 70 Purchase Jan. 30 190 405 Peaulred a Weighted Average - Perpetual: Cost of Goods Sold Goods Purchased Inventory Balance # of # of units Cost per Cost per Cost of Goods unit Cost per unit Inventory Balance Date units #of units unit Sold sold January 1 145 $ 7.00 $1,015.00 January 10 January 20 Average cost January 25 January 30 Totals Required 1 Required 3 Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per unit # of units sold Cost per Cost of Goods unit Date Cost per Inventory Balance units # of units. k Sold unit January 1 $ 1,015.00 145 @ $ 7.00 January 10 January 20 January 25 ces January 30 Totals Required 2 Required 4 Perpetual LIFO Inventory Balance Goods Purchased Cost of Goods Sold # of units Cost per #of units sold Cost per unit Cost per unit Inventory Balance Cost of Goods Sold Date #of units unit S January 1 145 7,00 1,015.00 January 10 January 20 January 25 January 30 Totals
