B C D E F G H A Laker Company reported the following January purchases and...

Transcribed Image Text:

B C D E F G H A Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) Date Activities Cost Units Acquired at Cost Units Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 140 $6.00 $840 3 January 10 Sales 100 $15.00 $1,500 9 January 20 Purchase 60 $5.00 300 0 January 25 Sales 80 $15.00 $1,200 1 January 30 2 Purchase Totals 180 $4.50 810 380 $1,950 180 $2,700 3 For specific identification, ending inventory consists of the following units: 4 Units from beginning inventory 15 Units from purchase of January 20 16 Units from purchase of January 30 15 5 180 17 18 Specific Identification Cost of Goods Sold Ending Inventory Units Cost Total cost Units Cost per Total Cost 19 Units available per unit unit 20 140 units from beginning inventory 100 $6.00 $600.00 15 $6.00 $90.00 21 60 units purchased on January 20 80 $5.00 $400.00 5 $5.00 $25.00 22 180 units purchased on January 30 $4.50 180 $4.50 $810.00 23 Totals 180 $1,000.00 200 $925.00 B C D E F G H A Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) Date Activities Cost Units Acquired at Cost Units Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 140 $6.00 $840 3 January 10 Sales 100 $15.00 $1,500 9 January 20 Purchase 60 $5.00 300 0 January 25 Sales 80 $15.00 $1,200 1 January 30 2 Purchase Totals 180 $4.50 810 380 $1,950 180 $2,700 3 For specific identification, ending inventory consists of the following units: 4 Units from beginning inventory 15 Units from purchase of January 20 16 Units from purchase of January 30 15 5 180 17 18 Specific Identification Cost of Goods Sold Ending Inventory Units Cost Total cost Units Cost per Total Cost 19 Units available per unit unit 20 140 units from beginning inventory 100 $6.00 $600.00 15 $6.00 $90.00 21 60 units purchased on January 20 80 $5.00 $400.00 5 $5.00 $25.00 22 180 units purchased on January 30 $4.50 180 $4.50 $810.00 23 Totals 180 $1,000.00 200 $925.00