Laker Company uses the periodic inventory system The table below
Laker Company uses the periodic inventory system. The table below summarizes details regarding the inventory at January 1, 2015; purchases invoices during the year; and the inventory count at December 31, 2015.
Instructions
1. Determine the cost of the inventory on December 31, 2015, using the first-in, first-out method. Present data in columnar form, using the following headings:
Model Quantity Unit Cost Total Cost
If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase.
2. Determine the cost of the inventory on December 31, 2015, using the average cost method and using the columnar headings indicated in (1).
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