Lesson 6 Excercise

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_ ( C I 9 Secure hpsnewcanneal.mheducationcomf'flnwiconneci.htrm Q 311" e 5 Lesson 6 Exercises 0 Saved Heb save um sum 3 Laker Company reported the foltowing January purchases and sales data for Its only product main sold as Date annuitie- unit-a enquired or. due: mail Jan. 1 Beginning anenmry 1.10 units I stun - s 810 Jan. 10 Seine 1un unite i S 15 PH\" M2 mum Purchase an unite! ss.un- sun _ Jan. 25 Seine an unite i S 15 an. in Purchase LEO unite I 34.5u - 32m Mn. Jsu nails 51,95u lea um.\" 10 Pblnls The Company uses a perpetual Inventory system. For speclllc identmcaon' endlng inventory consists of 200 units. where 130 are from the January 30 purchase. 5 are from the January 20 purchase, and 15 are from beginning Inventory. em Required: 9 1. Complele the tame m delermlne the cast assigned {u ending inventory and cast of goods sold using specrc idenuilcaliun' "m 2. Determlne the cost assigned to endlng inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to endlng inventory and no cost. of goods sold using FIFO. 6 Q. Determlne the cost assigned to endlng inventory and to cost of goods sold using LIFO. mm ID mmpmmM-Mw-nmlnmmuh. References Required Required Required Required 1 | 2 H a H 4 \\ Complete the table to determine Ere mm aselgned in ending Invenlnry and east of guards mld uslng med: Idenam. SEMI: Idlmhn Begmnminvenrnry Jan.2 Purchase an Jan.3il Purchase ran 35D n S D n S D net! | _m_ (Prev l34'm1ll New) _ ( C I 9 Secure hpswnewconnect.mheducationeornf'flnwiconnecthtrnI Q {7| 3 : Lesson 6Exerclses 0 Saved Hle mam sun-m 3 mt. \"will\" VIII-kl AM It Bulk Ina-SJ. Beginning _ Jan. 1 \"Hum 1m unitll \"Ann a nu Jan-in Salal ma unit-I an Jun!\" Pufn-In sn unit! I GSAEIII l JEIII \"mm: Jan-25 Ealal an unitI. an Jan.3n Purnlhlln len unit GIASII l ll Total: JED uni 950 Ian unit: . 7 7 ID m The Company uses a nerpetual Invenlory syslem For speclnc IdenljcallenI enalng Inventery consists of 200 unIls. where 130 ale from me January 30 nurthese, 5 are from the January 20 purchase, an: 15 are tram begInnIrIg Inventory. em: Mulmd: 1. Complete the table to detennlne the can assigned to ending Invenlury and cost of goods sold using specIfi: Idenlic-Ilen. 9 2. Determlne the cast assigned to englng Inventory and to costofgoogs 901d uslng welghled average. Hlm 3.Detem1lne Ihe tnsl mignea to enalng Inventory and In cost amends 901a Lsing FIFO l. Determlne [he test assigned to enalng Inventory and to costafgooas mId uslng UFO IE! Pnrn autumn-un- weal-run. mum-runa tel-nun. nererenues Rammed Required Required ReguIre | 1 2 | a II n | nun-um me ms! eeslgneu In emlrlg lmunry and In cast nfgnuds suId ing weighted average. (em-nu cast per unit to 2 ded'nal pknei] Whlghmd Ming 7 m JanuaryI III) Q i em = 3 mm January1 January 2n 5 January 25 January an Tum w "panama-am Connect x C I 9 Secure hpswnewcanneal.mheducation.com,lflnwiconnec1.htmI aale 00. Lasamaeaaulsaso 3 Panic\" Palms aaaak Frlnt RMES [mmwmam mammaqummaupmywmw} Lamar Company rammed ma mIIawIag Januanroartnasas arIa saIaa canto: IIs amy- pramun. wie- '91\" at unm- mIL-mlu Inll-lad II Doll man angsnmng _ Jan. 1 \"Human unit-Name 5 am Jamil] am. Lulu unit-'51! Jan-20 FuIL'leu 5a unit-I65.0- sun Jam}! am. an unit-'51! Jan-30 FuIL'leu 13a unit-MLQa- an mu].- zen unitl ax no Len unit.- The Company am a perpeml memory 5mm. For spam: memIIaIIan. eaaIng llwemoly (mama al 200 unns. wnara I50 are from me January :10 unmask. 5 are mm II'IE January 20 omnasa. anu I5 are rmm aegmnIng IIwemon. m I. aampme ma IaaIa Ia mine up cast assgnaa Ia 2mm; Irwenmry um nest of nouns 5am 15m; spunk mammalian 1 DmmIaa ma cast asslgnedw anaIna IIwemon arm mammmassam m wammea average. 1 Dmmluzma mmlgnaam Endlng IIwEm'uy arm mammgaaassam using FIFCL II Dawmlaa are cast asslgnedw anaIrm IIwemon arm mammmassam um; LIFO. Mlhhwlulh-Hlmr-mlnhml. Inaqui._\"naqu1..\"naqui_ REq'uL. Detarmlr- Ina mat minimal h: mung Inmlu'r am In an: ar ganja yum uaIng LIFO. LIFO _ s Januar m Q s an: wan January 1D January za E E a: January an Tum LE gi mm'mm _ ( 9 C I 9 Secure hpsznewconnect.mheducation.ooml'flnwiconneci.htrnl Q 311" e 5 Lesson 6Exanclsas o Sued uup mam sun-m 50 m Mullet] Mmmalim (The Wm mmucion some: to Me quemdspmo'bemj ram 012 taker Comnariy tenoned rho following January nurchaaes and sales data for ila only nroducL unit- nun u 'D m- lush-ibi- n-u- :nuuLn-a us no Ida-L1. \"'5 Jan. 1 2'9\"\""9 1m uniti a shoe - s \"a nvanlury Jan. 1n 35.1..- 1on unit. a a 1; Jan. 2n Pusz-n an unit.- I as.\" - no !| Jan. 2; 35.1..- an unlu I a 1; am: Jan. an Pusz-n lan unit.- I 54.50 - no mu].- 3an uniLl a 1.9\" no unit.- Hlnt E! m Mulmd: The Company uses a peodlc Invenhal'y system. For specic idenlmmon. endlng inventory canslsas 01200 urils. where 180 lne tram E me JanuaryI 30 purchase. 5 are hum me January 20 purchase. and 15 are irom beginning inventory. Dawning me coal assigned an mmnms ending Invenloryand In 0051 of goods sold using (4 specic idemlcatlon. [by weighted average-1d FIFO. and {r3 IJFQ MWHIIIIIIIIIII-Dr-llhlhl womnhhluhha. Spelglc WelghlEd\" FLFO H LIFO I nun-uh: in: wet assigned in amine lmullm'y no Do not nfunnds sold Hing spam: WEI. Fnr lm \"aluminum, enclng Irwecm'n'y mnllsts of 2m nulls, Mm 130 are From or: January so purEIaIe, 5 are rum in: binary 2n plum and 1.5 are run. beglmhg hum-y. ll-our Ia- mmm Pilehamo: Jani Jarlj M aa w (Frau as um I! Man) ( C I 9 Secure hpswnewconnect.mheducation.comf'flnw.lconnecthtml Q {7| Q o 0 CHECK MY WORK MOD Thls shows what in curred er lncerrect fur the wnrk yen have command so far does not lndlcal ampli um:- mm It. mu. mhsu... unit.- mma n Dun: and; Beginning _ Jan. 1 hum\" 1m units! \".00 s \"a Jan.1 Halal l unitl. 315 \""2\"\" when Purchnle so unitI. 55.0.1- Jan Jan.2 Eaial an unitll $1; Jan-30 Purchnle xan units! ensu- am '0 Tmnl- 3 Helms I Required: 1. Complete cumulative lnccme statement for the month of January for Leker Company for the four lnvenlary methods. Assume expenses are 51250. and that the applicable lnccme la): rate ls 40%. (Round your aver-go Dost per unittu 2 decimal place\" All-war II nympho. hut not entirely m Camel\" sum .mJ me; man} man; am; pm ms was Lean 1.6m Expeneee 1m; 1350.; 1.250,; 1.250,; Income helm-e lam 425 are no 430 Inma lax Ema mm mm Il'f wax Nat Inmlle s 255 s 251 s are 5 ass 2.W|1Ich method ylelds the hlgnest nel lncome? 6 UFO a CI Speclciaemlcatlnn CI welgmed average 0 FIFO 3. Does net income uslng welg med average Fall between mat uslng FIFO and LIFO? -03- a _ ( C I 0 Secure hpswnewconnect.mheducation.com,lflnwiconnect.htrm Q {7| 3 e o 0 Lesson 6 Enemlses 0 Saved Heb save um Sum m 11 On January 1. JKR Snap had 5225.000 onvenmry at cost. In the rst quarter oflhe year. It. purchased $755,000 of mercna nd'se, returned 511.550. and paid freight charges M51380!) on purcharyed merchandise, terms FOB shlpp'ng palm. The company's gross prot averages 30%, and the store had 51.000300 of net sales [at retell) 1n the llrst quarter ofthe yam Use the gross profit melhad In 10 asdrnaLe ll: cast Grimenmry ll (he and ufthe rst quar'nal. Palms g Beginmng invsnhry S 225,000 em Nel mat Mamas mamas\" HIM Esmb Mame 31 Imenm 9 sum References Ill-mm Ilnlls eEuulc Ag!!! bath the natall invenharv and grass pram methodsla asumeae Invenmm.