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 perpetual inventory system. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units Acquired at Cost 200 units e $ 12.50 - Date Activities Units sold at Retail Beginning inventory Sales Purchase $ 2,500 January 1 January 10 January 20 January 25 January 30 160 units $ 21.50 130 units $ 11.50 = 1,495 Sales Purchase 140 units $ 21.50 300 units $ 11.00 3,300 Totals 630 units $ 7,295 300 units Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Units Acquired at Cost 200 units e $ 12.50 - Date Activities Units sold at Retail Beginning inventory Sales Purchase $ 2,500 January 1 January 10 January 20 January 25 January 30 160 units $ 21.50 130 units $ 11.50 = 1,495 Sales Purchase 140 units $ 21.50 300 units $ 11.00 3,300 Totals 630 units $ 7,295 300 units Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
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Ans1 Specific Identification Total Available Ending Inventory Cost of goods sold Date Units Rate Amo... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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