Required information [The following information applies to the questions displayed below.] Laker Company reported the following...
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Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Units Acquired at Cost 140 units@ $6.00 $ 840 100 units @ $ 15 Jan. 20 Purchase 60 units@ $5.00 - 300 Jan. 25 Sales 80 units @ $ 15 Jan. 30 180 units @ $4.50- 380 units 810 $1,950 Purchase Totals 180 units Required: The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Specific Id a) Specific Identification Weighted Average Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Ending Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total FIFO Cost of Goods Available for Sale # of units Cost per unit 140 $6.00 $ 60 180 380 LIFO $5.00✔✔ $4.50✔ Cost of Goods Available for Sale $ 840 300 810 1,950 Cost of Goods Sold Cost # of units per sold unit 125 $ 6.00 $ 750 55 $ 5.00 Cost of Goods Sold 180 275 $ 1,025 # of units in ending inventory 15 ✓ 5✔ 180 200 Cost per unit $ 6.00 5.00 4.50 Ending Inventory $ $ 90 25 810 925 Complete this question by entering your answers in the tabs below. Specific Id Weighted Average Beginning inventory Purchases: Jan. 20 Jan. 30 Total Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Weighted Average Ending Inventory Average Cost per unit # of units FIFO 140 Cost of Goods Available for Sale Cost of Goods Available for Sale 60 180 380 LIFO Average Cost per unit Answer is complete but not entirely correct. 5.00 Is 840 300 810 1,950 # of units sold 180.00 Cost of Goods Sold Average Cost per Unit Cost of Goods Sold 6.00 1,080.00 # of units in ending inventory 200 Ending Inventory 4.63 $926.00 Specific Id Weighted Average Beginning inventory Purchases: Jan. 20 Jan. 30 Total Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Cost of Goods Available for Sale # of units 140 60 FIFO 180 380 Cost per unit 6.00 $ 5.00 4.50 LIFO Cost of Goods Available for Sale $ 840 300 810 1,950 # of units sold Cost of Goods Sold Cost per unit 140 $6.00 40 $ 5.00 180 Cost of Goods Sold $ $ 840 200 1,040 Ending Inventory Cost per unit # of units in ending inventory 20✔ 180✔ 200 5.00 $ 4.50 Ending Inventory $ 100 810 910 Complete this question by entering your answers in the tabs below. Weighted Average Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Specific Id Beginning inventory Purchases: Jan. 20 Jan. 30 Total # of units 140 60 180 380 FIFO Cost per unit 6.00 $ 5.00 4.50 Cost of Goods Available for Sale LIFO $ 840 300 810 1,950 # of units sold Cost of Goods Sold 20 180 200 > Cost per unit $6.00 $ Cost of Goods Sold $ 4.50 $ 120 810 930 Ending Inventory # of units in ending inventory 120 60✔ 20 x 200 Cost per unit 6.00 IS 5.00 4.50 Ending Inventory $ $ 720 300 90 1,110 Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Units Acquired at Cost 140 units@ $6.00 $ 840 100 units @ $ 15 Jan. 20 Purchase 60 units@ $5.00 - 300 Jan. 25 Sales 80 units @ $ 15 Jan. 30 180 units @ $4.50- 380 units 810 $1,950 Purchase Totals 180 units Required: The Company uses a periodic 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. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this question by entering your answers in the tabs below. Specific Id a) Specific Identification Weighted Average Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Ending Inventory Beginning inventory Purchases: Jan. 20 Jan. 30 Total FIFO Cost of Goods Available for Sale # of units Cost per unit 140 $6.00 $ 60 180 380 LIFO $5.00✔✔ $4.50✔ Cost of Goods Available for Sale $ 840 300 810 1,950 Cost of Goods Sold Cost # of units per sold unit 125 $ 6.00 $ 750 55 $ 5.00 Cost of Goods Sold 180 275 $ 1,025 # of units in ending inventory 15 ✓ 5✔ 180 200 Cost per unit $ 6.00 5.00 4.50 Ending Inventory $ $ 90 25 810 925 Complete this question by entering your answers in the tabs below. Specific Id Weighted Average Beginning inventory Purchases: Jan. 20 Jan. 30 Total Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.) b) Weighted Average Ending Inventory Average Cost per unit # of units FIFO 140 Cost of Goods Available for Sale Cost of Goods Available for Sale 60 180 380 LIFO Average Cost per unit Answer is complete but not entirely correct. 5.00 Is 840 300 810 1,950 # of units sold 180.00 Cost of Goods Sold Average Cost per Unit Cost of Goods Sold 6.00 1,080.00 # of units in ending inventory 200 Ending Inventory 4.63 $926.00 Specific Id Weighted Average Beginning inventory Purchases: Jan. 20 Jan. 30 Total Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Cost of Goods Available for Sale # of units 140 60 FIFO 180 380 Cost per unit 6.00 $ 5.00 4.50 LIFO Cost of Goods Available for Sale $ 840 300 810 1,950 # of units sold Cost of Goods Sold Cost per unit 140 $6.00 40 $ 5.00 180 Cost of Goods Sold $ $ 840 200 1,040 Ending Inventory Cost per unit # of units in ending inventory 20✔ 180✔ 200 5.00 $ 4.50 Ending Inventory $ 100 810 910 Complete this question by entering your answers in the tabs below. Weighted Average Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Specific Id Beginning inventory Purchases: Jan. 20 Jan. 30 Total # of units 140 60 180 380 FIFO Cost per unit 6.00 $ 5.00 4.50 Cost of Goods Available for Sale LIFO $ 840 300 810 1,950 # of units sold Cost of Goods Sold 20 180 200 > Cost per unit $6.00 $ Cost of Goods Sold $ 4.50 $ 120 810 930 Ending Inventory # of units in ending inventory 120 60✔ 20 x 200 Cost per unit 6.00 IS 5.00 4.50 Ending Inventory $ $ 720 300 90 1,110
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Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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