Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies...

 

 

 

  

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Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 235 units @ $ 16.00 = Units sold at Retail $ 3,760 185 units $ 25.00 180 units @ 385 units @ 800 units $ 15.00 = 2,700 200 units $ 25.00 $ 13.00 = 5,005 $ 11,465 385 units Required information Sume we perpetual liventory system is used. quired: 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 thie auction hy entering your aneware in the tahe holow ! Required information Weighted Average Specific dentification 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 urchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit Cost of Goods Sold Ending Inventory- Units Cost Per Unit En Inventi anuary 1 anuary 20 Beginning inventory Purchase 235 $ 16.00 180 $ 15.00 anuary 30 Purchase 385 $ 13.00 800 0 $ 0 0 $ Specific Identification Weighted Average > Required information Goods Purchased Date # of units Cost per unit # of units sold January 11 January 10 January 20 Total January 20 January 25 Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units + 235 at Inventory Balance Cost per Inventory Balance unit $ 16.00 = $ 3,760.00 Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 235 units @ $ 16.00 = Units sold at Retail $ 3,760 185 units $ 25.00 180 units @ 385 units @ 800 units $ 15.00 = 2,700 200 units $ 25.00 $ 13.00 = 5,005 $ 11,465 385 units Required information Sume we perpetual liventory system is used. quired: 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 thie auction hy entering your aneware in the tahe holow ! Required information Weighted Average Specific dentification 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 urchase Date Activity # of units Cost Per Unit # of units sold Cost Per Unit Cost of Goods Sold Ending Inventory- Units Cost Per Unit En Inventi anuary 1 anuary 20 Beginning inventory Purchase 235 $ 16.00 180 $ 15.00 anuary 30 Purchase 385 $ 13.00 800 0 $ 0 0 $ Specific Identification Weighted Average > Required information Goods Purchased Date # of units Cost per unit # of units sold January 11 January 10 January 20 Total January 20 January 25 Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units + 235 at Inventory Balance Cost per Inventory Balance unit $ 16.00 = $ 3,760.00