Laker Company reported the following January purchases and sales data for its only product. The Company...
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Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 228 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 43 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales Purchase. January 20 January 25 Sales January 30 Purchase Totals Units Acquired at Cost 154 units: @ $6.00 - 74 units @ $5.00 @ $4.50 180 units 408 units $ 924 370 810 $ 2,104 Units sold at Retail 86 units @ 94 units @ 100 units $ 15.00 $ 15.00 #105 Dook int int ences January 20 Purchase January 25 Sales January 30 Purchase Totals Specific Id Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Complete this question by entering your answers in the tabs below. Weighted Average a) Specific identification Beginning inventory Purchases January 20 January 30 Total Required: Determine the cost assigned to ending inventory and to cost of goods sold using (o) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO FIFO of units 74 units 0 180 units 408 units LIFO Cost of Goods Available for Sale Cost per unit Determine the cost assigned to ending Inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of are from the January 30 purchase, 5 are from the January 20 purchase, and 431 are from beginning inventory. W $5.00 @ $4,50 $ Cost of Goods Available for Salo of units sold CATE 370 810 $2,104 180 units 0 94 units @ Cost of Goods Sold Cost per unit Prex Cost of Goods Sold of units in ending inventory $15.00 Weighted Average > 653 1 2 3 Ending lovatory Cost per unit 5 of 14 Ending Inventory S Next > Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Specific Id Totals Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average. (d) FIFO, and (d) LIFO, Complete this question by entering your answers in the tabs below. Beginning inventory Purchases: January 20 January 30 Weighted Average Total 400 units FIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. b) Weighted average Periodic LIFO #of units Cost of Goods Available for Sale: Average Cost per unit Cost of Goods Available for Salo S #of units sold 180 units Cost of Goods Soldi Average Cost per Unit < Specific Id Prev Q Search Cost of Goods Sold FIFO > 1 2 of units in ending inventory File Explorer O of 14 Ending Inventory Average Cost per unit Ending Inventory $ Next > January 28 Purchase January 25 Sales January 38 Purchase. Totals Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Weighted Average Determine the cost ass Periodic EO Specific Id Complete this question by entering your answers in the tabs below. Beginning inventory Purchases January 201 January 30 Total FIFO 74 units Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average. (c) FIFO, and (d) LIFO: LIFO of units @ 180 units. @ 408 units ed ending inventory and to cost of goods Cost of Goods Available for Sale Cost per unit $ 5.00 $4.50 $ Cost of Goods # of units Available for Sale sold 0 using FIFO. 0 370 810 $ 2,104 Cost of Goods Sold Cost per unit < Weighted Average Prev 94 units 100 units $ Cost of Goods Sold 0 LIFO > 315,180 8m 1 2 3 $ 15.00 of units lo ending Inventory 5 Ending Inventory Cost per unit 0 of 14 Ending Inventory $ Next > Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average. (c) FIFO, and (d) LIFO+ Complete this question by entering your answers in the tabs below. Specific Id Weighted Average Beginning inventory Purchases January 20 January 30 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost per unit Total FIFO # of units LIFO 0 Cost of Goods Available for Sale $ of units sold Cost of Goods Sold Cost per unit 0 <FIFO Prev Q Search Cost of Goods Sold 1 #of units in ending Inventory 8m 2 3 5 Ending Inventory Cost per unit of 14 Ending Inventory S Next > Laker Company reported the following January purchases and sales data for its only product. The Company uses a periodic inventory system. For specific identification, ending inventory consists of 228 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 43 are from beginning inventory. Date Activities January 1 Beginning inventory January 10 Sales Purchase. January 20 January 25 Sales January 30 Purchase Totals Units Acquired at Cost 154 units: @ $6.00 - 74 units @ $5.00 @ $4.50 180 units 408 units $ 924 370 810 $ 2,104 Units sold at Retail 86 units @ 94 units @ 100 units $ 15.00 $ 15.00 #105 Dook int int ences January 20 Purchase January 25 Sales January 30 Purchase Totals Specific Id Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Complete this question by entering your answers in the tabs below. Weighted Average a) Specific identification Beginning inventory Purchases January 20 January 30 Total Required: Determine the cost assigned to ending inventory and to cost of goods sold using (o) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO FIFO of units 74 units 0 180 units 408 units LIFO Cost of Goods Available for Sale Cost per unit Determine the cost assigned to ending Inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of are from the January 30 purchase, 5 are from the January 20 purchase, and 431 are from beginning inventory. W $5.00 @ $4,50 $ Cost of Goods Available for Salo of units sold CATE 370 810 $2,104 180 units 0 94 units @ Cost of Goods Sold Cost per unit Prex Cost of Goods Sold of units in ending inventory $15.00 Weighted Average > 653 1 2 3 Ending lovatory Cost per unit 5 of 14 Ending Inventory S Next > Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Specific Id Totals Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average. (d) FIFO, and (d) LIFO, Complete this question by entering your answers in the tabs below. Beginning inventory Purchases: January 20 January 30 Weighted Average Total 400 units FIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. b) Weighted average Periodic LIFO #of units Cost of Goods Available for Sale: Average Cost per unit Cost of Goods Available for Salo S #of units sold 180 units Cost of Goods Soldi Average Cost per Unit < Specific Id Prev Q Search Cost of Goods Sold FIFO > 1 2 of units in ending inventory File Explorer O of 14 Ending Inventory Average Cost per unit Ending Inventory $ Next > January 28 Purchase January 25 Sales January 38 Purchase. Totals Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Weighted Average Determine the cost ass Periodic EO Specific Id Complete this question by entering your answers in the tabs below. Beginning inventory Purchases January 201 January 30 Total FIFO 74 units Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average. (c) FIFO, and (d) LIFO: LIFO of units @ 180 units. @ 408 units ed ending inventory and to cost of goods Cost of Goods Available for Sale Cost per unit $ 5.00 $4.50 $ Cost of Goods # of units Available for Sale sold 0 using FIFO. 0 370 810 $ 2,104 Cost of Goods Sold Cost per unit < Weighted Average Prev 94 units 100 units $ Cost of Goods Sold 0 LIFO > 315,180 8m 1 2 3 $ 15.00 of units lo ending Inventory 5 Ending Inventory Cost per unit 0 of 14 Ending Inventory $ Next > Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Required: Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average. (c) FIFO, and (d) LIFO+ Complete this question by entering your answers in the tabs below. Specific Id Weighted Average Beginning inventory Purchases January 20 January 30 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) Periodic LIFO Cost of Goods Available for Sale Cost per unit Total FIFO # of units LIFO 0 Cost of Goods Available for Sale $ of units sold Cost of Goods Sold Cost per unit 0 <FIFO Prev Q Search Cost of Goods Sold 1 #of units in ending Inventory 8m 2 3 5 Ending Inventory Cost per unit of 14 Ending Inventory S Next >
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