ercises Problems Required information Use the following information for the Exer
ID: 2341533 • Letter: E
Question
ercises Problems Required information Use the following information for the Exercises below. The following information applies to the questions displayed below Laker Company reported the following January purchases and soles datn for its only product an. 1 Beginninginventory Jan. 10 Sales an. 20 Purchase Jan. 25 Sales Jan. 30 Parchase 205 units@ 140 unitse 412.00-1,680 310 units 11.50-3,565 13.00-62,665 165 units622.00 145 units @ 22.00 Totals e55 units 7,910 310 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 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 FiFCo 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO 1 ot 7 Next> e to searchExplanation / Answer
1) Computation of cost assigned to ending inventory and cost of goods sold using specific identification :
2) Computation of cost assigned to ending inventory and cost of goods sold using weighted average :
3) Computation of cost assigned to ending inventory and cost of goods sold using FIFO:
4) Computation of cost assigned to ending inventory and cost of goods sold using LIFO:
date opening or purchases cost of goods sold ending inventory activity units unit cost units sold unit cost COGS ending inventory units unit cost ending inventory cost jan1 opening stock 205 13 175 13 2275 30 13 390 jan20 purchases 140 12 135 12 1620 5 12 60 jan30 purchases 310 11.50 0 11.50 0 310 11.50 3565 total 310 $3895 345 $4015Related Questions
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