Required information Use the following information for the Exercises below. ( Algo ) [ The following information
Question:
Required information
Use the following information for the Exercises below. Algo
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 periodic inventory system. For specific identification, ending inventory consists of units, where are from the January purchase, are from the January purchase, and are from beginning inventory.
Exercise A Algo Perpetual: Inventory costing LO P
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.
Complete this question by entering your answers in the tabs below.
Complete this question by entering your answers in the tabs below.
Specific Id
Weighted
FIFO
LIFO
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Specific Identification
Specific Id:
Complete this question by entering your answers in the tabs below.
Specific Id
Weighted
Average
FIFO
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Note: Round cost per unit to decimal places.
Weighted Average Perpetual:
Required information
Specific Id
vvegntea
Average
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
Perpetual FIFO:
tabletableDateJanuary Goods Purchased,Cost of Goods Sold,Inventory Balancetable# ofunitstableCost perunittable# of unitssoldtableCost perunittableCost of GoodsSold# of units,tableCost perunitInventory Balance@$$January @$$@$$January @$@@$$January @$$@$@$@$$$January @$@f@$@Totals$
Required information
Specific Id
vvegntea
Average
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Perpetual LIFO:
tableGoods Purchased,Cost of Goods Sold,Inventory Balance,table# ofunitstableCost perunittable# of unitssoldtabletableCost perunittableCost of GoodsSold# of units,tableCost perunitInventory Balance@$January @$@$
Journal entry worksheet
RecordRequired information
Use the following information for the Exercises below. Algo
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 periodic inventory system. For specific identification, ending inventory consists of units, where are from the January purchase, are from the January purchase, and are from beginning inventory.
Exercise A Algo Perpetual: Inventory costing LO P
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.
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill