Required information [The following information applies to the questions display
ID: 2330113 • Letter: R
Question
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 Book int sk int nces DateActivities an. 1 Beginning inventory Jan. 10 Sales an. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 230 units $15.se S 3,565 190 units $14.50 2,755 360 units@ $14.005040 its Acquired at CostUnits sold at Retail 180 units$24.50e 220 units $24.se Totals 780 units $11,360 400 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory 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 questions by entering your answers in the below tabsExplanation / Answer
Answer
---Under this, the units sold are first sold from beginning units, followed by next purchases. Ending Units are mostly from latest purchases.
Goods purchased
Cost of Goods Sold
Inventory Balance
# of units
Cost per unit
# of units
Cost per unit
Cost of Goods Sold
# of units
Cost per unit
Inventory Balance
Jan-01
230
$ 15.50
$ 3,565.00
Jan-10
180
$ 15.50
$ 2,790.00
50
$ 15.50
$ 775.00
Jan-20
190
$ 14.50
50
$ 15.50
$ 775.00
190
$ 14.50
$ 2,755.00
Jan-25
50
$ 15.50
$ 775.00
-
$ 15.50
$ -
170
$ 14.50
$ 2,465.00
20
$ 14.50
$ 290.00
Jan-30
360
$ 14.00
-
$ 15.50
$ -
20
$ 14.50
$ 290.00
360
$ 14.00
$ 5,040.00
Total
550
400
$ 6,030.00
380
$ 5,330.00
---Under this, the units sold are first sold from Latest purchases, followed by second latest purchases. Ending Units are mostly from earliest purchases.
Goods purchased
Cost of Goods Sold
Inventory Balance
# of units
Cost per unit
# of units
Cost per unit
Cost of Goods Sold
# of units
Cost per unit
Inventory Balance
Jan-01
230
$ 15.50
$ 3,565.00
Jan-10
180
$ 15.50
$ 2,790.00
50
$ 15.50
$ 775.00
Jan-20
190
$ 14.50
50
$ 15.50
$ 775.00
190
$ 14.50
$ 2,755.00
Jan-25
190
$ 14.50
$ 2,755.00
20
$ 15.50
$ 310.00
30
$ 15.50
$ 465.00
-
$ 14.50
$ -
Jan-30
360
$ 14.00
20
$ 15.50
$ 310.00
-
$ 14.50
$ -
360
$ 14.00
$ 5,040.00
Total
550
400
$ 6,010.00
380
$ 5,350.00
Goods purchased
Cost of Goods Sold
Inventory Balance
# of units
Cost per unit
# of units
Cost per unit
Cost of Goods Sold
# of units
Cost per unit
Inventory Balance
Jan-01
230
$ 15.50
$ 3,565.00
Jan-10
180
$ 15.50
$ 2,790.00
50
$ 15.50
$ 775.00
Jan-20
190
$ 14.50
50
$ 15.50
$ 775.00
190
$ 14.50
$ 2,755.00
Jan-25
50
$ 15.50
$ 775.00
-
$ 15.50
$ -
170
$ 14.50
$ 2,465.00
20
$ 14.50
$ 290.00
Jan-30
360
$ 14.00
-
$ 15.50
$ -
20
$ 14.50
$ 290.00
360
$ 14.00
$ 5,040.00
Total
550
400
$ 6,030.00
380
$ 5,330.00
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