Laker Company reported the following January purchases and sales data for its only product.

Date Activities Units Acquired at Cost Units sold at Retail

Jan. 1 Beginning Inventory 350 units @ $ 11.00 = $ 3,850

Jan. 10 Sales 190 units @ $ 19.00

Jan. 20 Purchase 420 units @ $ 10.00 = 4,200

Jan. 25 Sales 345 units @ $ 19.00

Jan. 30 Purchase 290 units @ $ 9.00 = 2,610

Totals 1,060 units $ 10,660 535 units

Laker Company uses a perpetual inventory system. For specific identification, ending inventory consists of 525 units, where 290 are from the January 30 purchase, 80 are from the January 20 purchase, and 155 are from beginning inventory.

Please fill in the yellow outlined box.

Transcribed Image Text:

2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places. ) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per Cost per Cost of Goods unit Cost per Inventory Balance Date units # of units unit Sold unit sold January 1 350 @ $ 11.00 = $ 3,850.00 January 10 January 20 Average cost January 25 January 30 Totals 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places. ) Weighted Average - Perpetual: Goods purchased Cost of Goods Sold Inventory Balance # of # of units Cost per Cost per Cost of Goods unit Cost per Inventory Balance Date units # of units unit Sold unit sold January 1 350 @ $ 11.00 = $ 3,850.00 January 10 January 20 Average cost January 25 January 30 Totals

Answer rating: 100% (QA)

Part 1 Determination of the cost assigned to ending inventory and cost of goods sold using specific ... View the full answer