Question: Can someone please help me to check it. ( Those have incorrect answers) Exercise 5-3 (Static) Periodic: Inventory costing methods LO P1 The following information

Can someone please help me to check it. ( Those have incorrect answers)

Exercise 5-3 (Static) Periodic: Inventory costing methods LO P1

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 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Date Activities Units Acquired at Cost Units sold at Retail
January 1 Beginning inventory 140 units @ $ 6.00 = $ 840
January 10 Sales 100 units @ $ 15
January 20 Purchase 60 units @ $ 5.00 = 300
January 25 Sales 80 units @ $ 15
January 30 Purchase 180 units @ $ 4.50 = 810
Totals 380 units $ 1,950 180 units
b) Weighted average - Periodic Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory
# of units Average Cost per unit Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory
Beginning inventory 140 840
Purchases:
January 20 60 300
January 30 180 810
Total 380 $5.00selected answer incorrect $1,950 0selected answer incorrect $5.00selected answer incorrect $0 440selected answer incorrect $5.00selected answer incorrect $2,200

c) Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
Beginning inventory 140 6.00 $840 0selected answer incorrect 140selected answer incorrect $6.00 $840
Purchases:
January 20 60 5.00 300 0selected answer incorrect 100selected answer incorrect $5.00 500
January 30 180 4.50 810 0selected answer correct 200selected answer incorrect $4.50 900
Total 380 $1,950 0 $0 440 $2,240

d) Periodic LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
Beginning inventory 140 6.00 $840 0selected answer correct 140selected answer correct $6.00 $840
Purchases:
January 20 60 5.00 300 0selected answer correct 100selected answer incorrect $5.00 500
January 30 180 4.50 810 0selected answer incorrect 200selected answer incorrect $4.50 900
Total 380 $1,950 0 $0 440 $2,240

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!