Laker Company reported the following January purchases and sales data for its only product. The Company uses
Fantastic news! We've Found the answer you've been seeking!
Question:
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 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory.
Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
January 1 | Beginning inventory | 185 | units | @ | $ 11.00 | = | $ 2,035 | ||||
January 10 | Sales | 145 | units | @ | $ 20.00 | ||||||
January 20 | Purchase | 100 | units | @ | $ 10.00 | = | 1,000 | ||||
January 25 | Sales | 125 | units | @ | $ 20.00 | ||||||
January 30 | Purchase | 270 | units | @ | $ 9.50 | = | 2,565 | ||||
Totals | 555 | units | $ 5,600 | 270 | 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.
Related Book For
Posted Date: