Laker Company reported the following January purchases and sales data for its only product. Units sold...
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Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost Jan. 1 Beginning inventory 140 units e $6.00 = $ 840 Date Activities Jan. 10 Sales 100 units e $ 15 Jan. 20 Purchase 60 units e $5.00 = 300 Jan. 25 Sales 80 units e $ 15 Jan. 30 Purchase 180 units e $4.50 = 810 Totals 380 units $1,950 180 units The Company uses a perpetual 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. 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. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory # of units # of units Ending Inventory- Units Ending Inventory- Cost Cost Per Cost Per Unit Cost Per Purchase Date Activity COGS Unit Unit sold Jan. 1 Beginning inventory 140 Jan. 20 Purchase 60 Jan. 30 Purchase 180 380 $ $ Specific Id Weighted Average > Weighted Average Specific Id FIFO LIFO 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 units sold # of Cost per Cost of Goods unit Cost per Cost per Inventory Balance Date # of units units unit Sold unit January 1 140 @ $ 6.00 $ 840.00 January 10 January 20 Average cost January 25 January 30 Totals < Specific Id FIFO > Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units # of units sold Cost per Cost per Cost of Goods Cost per unit Inventory Balance Date # of units unit unit Sold January 1 140 @ $ 6.00 $ 840.00 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost of Goods Sold Inventory Balance Cost per # of units sold Cost per Cost of Goods unit Cost per Inventory unit Date # of units units unit Sold Balance January 1 140 @ $ 6.00 = $840.00 January 10 100 @ $ 6.00 $ 600.00 40 @ $ 6.00 = $ 240.00 January 20 60 @ [$ 5.00 40 @ $ 6.00 = $240.00 60 @ $ 5.00 = 300.00 $ 540.00 January 25 80 @ $ 6.00 $ 480.00 20 @ $ 6.00 = $ 120.00 @ $ 5.00 0.00 @ $ 5.00 = = $ 480.00 $ 120.00 January 30 180 @ $ 5.00 @ $ 6.00 180 @ $ 5.00 = 900.00 @ $ 5.00 Totals $ 1,080.00 $ 900.00 Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost Jan. 1 Beginning inventory 140 units e $6.00 = $ 840 Date Activities Jan. 10 Sales 100 units e $ 15 Jan. 20 Purchase 60 units e $5.00 = 300 Jan. 25 Sales 80 units e $ 15 Jan. 30 Purchase 180 units e $4.50 = 810 Totals 380 units $1,950 180 units The Company uses a perpetual 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. 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. Complete this question by entering your answers in the tabs below. Weighted Average Specific Id FIFO LIFO Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Inventory # of units # of units Ending Inventory- Units Ending Inventory- Cost Cost Per Cost Per Unit Cost Per Purchase Date Activity COGS Unit Unit sold Jan. 1 Beginning inventory 140 Jan. 20 Purchase 60 Jan. 30 Purchase 180 380 $ $ Specific Id Weighted Average > Weighted Average Specific Id FIFO LIFO 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 units sold # of Cost per Cost of Goods unit Cost per Cost per Inventory Balance Date # of units units unit Sold unit January 1 140 @ $ 6.00 $ 840.00 January 10 January 20 Average cost January 25 January 30 Totals < Specific Id FIFO > Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units # of units sold Cost per Cost per Cost of Goods Cost per unit Inventory Balance Date # of units unit unit Sold January 1 140 @ $ 6.00 $ 840.00 January 10 January 20 January 25 January 30 Totals Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of Cost of Goods Sold Inventory Balance Cost per # of units sold Cost per Cost of Goods unit Cost per Inventory unit Date # of units units unit Sold Balance January 1 140 @ $ 6.00 = $840.00 January 10 100 @ $ 6.00 $ 600.00 40 @ $ 6.00 = $ 240.00 January 20 60 @ [$ 5.00 40 @ $ 6.00 = $240.00 60 @ $ 5.00 = 300.00 $ 540.00 January 25 80 @ $ 6.00 $ 480.00 20 @ $ 6.00 = $ 120.00 @ $ 5.00 0.00 @ $ 5.00 = = $ 480.00 $ 120.00 January 30 180 @ $ 5.00 @ $ 6.00 180 @ $ 5.00 = 900.00 @ $ 5.00 Totals $ 1,080.00 $ 900.00
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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