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 periodic inventory system. For specific identification, ending inventory consists of 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Units Acquired at Cost Units sold at Retail Date Activities Jan. 1 Beginning inventory 156 units @ $6.00 = $ 936 Jan. 10 Sales Jan. 20 Purchase 84 units @ $15.00 76 units @ $5.00 = 380 Jan. 25 Sales 96 units @ $15.00 Jan. 30 Purchase 180 units @ $4.50=. 810 Totals 412 units $2,126 180 units Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 Assume the perpetual inventory system is used. 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. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average 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 Purchase Date Activity # of units Unit sold Cost Per # of units Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Inventory-Cost Ending January 1 Beginning inventory 156 January 20 Purchase 76 January 30 Purchase 180 412 0 $ 0 0 $ 0 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. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units unit sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 156 @ $ 6.00 = $ 936.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals < Specific Id FIFO > 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. Specific Id Weighted Average 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 Date # of units Cost per # of units Cost per Cost of Goods # of units unit sold unit Sold Cost per unit Inventory Balance 156 @ $ 6.00 = $ 936.00 January 1 January 10 January 20 January 25 January 30 Totals < Weighted Average LIFO > 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. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units unit sold Cost per Cost of Goods unit Sold Cost per # of units Inventory Balance unit 156 @ $ 6.00 = $ 936.00 January 1 January 10 January 20 January 25 January 30 Totals FIFO LIFO 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 232 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 47 are from beginning inventory. Units Acquired at Cost Units sold at Retail Date Activities Jan. 1 Beginning inventory 156 units @ $6.00 = $ 936 Jan. 10 Sales Jan. 20 Purchase 84 units @ $15.00 76 units @ $5.00 = 380 Jan. 25 Sales 96 units @ $15.00 Jan. 30 Purchase 180 units @ $4.50=. 810 Totals 412 units $2,126 180 units Exercise 5-5A (Algo) Perpetual: Inventory costing LO P3 Assume the perpetual inventory system is used. 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. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average 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 Purchase Date Activity # of units Unit sold Cost Per # of units Cost Per Unit COGS Ending Inventory- Units Cost Per Unit Inventory-Cost Ending January 1 Beginning inventory 156 January 20 Purchase 76 January 30 Purchase 180 412 0 $ 0 0 $ 0 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. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Note: Round cost per unit to 2 decimal places. Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units unit sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance 156 @ $ 6.00 = $ 936.00 January 1 January 10 January 20 Average cost January 25 January 30 Totals < Specific Id FIFO > 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. Specific Id Weighted Average 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 Date # of units Cost per # of units Cost per Cost of Goods # of units unit sold unit Sold Cost per unit Inventory Balance 156 @ $ 6.00 = $ 936.00 January 1 January 10 January 20 January 25 January 30 Totals < Weighted Average LIFO > 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. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per # of units unit sold Cost per Cost of Goods unit Sold Cost per # of units Inventory Balance unit 156 @ $ 6.00 = $ 936.00 January 1 January 10 January 20 January 25 January 30 Totals FIFO LIFO
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