connect.html ork (The following information applies to the questions displayed b

Question

connect.html ork (The following information applies to the questions displayed below Laker Company reported the following January purchases and sales data for its only product an 1 Beginning inventory175 unitse s1. an. 1 Sales Jan. 20 Purchase Jan. 25 Sales $1,758 138 units $9.1,170 25e units $ 8.52-125 135 units $19.00 140 units $19.00 275 units an. 30 Purchase Totals sss units $5,045 The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where l 250 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory ercise 5-3 Perpetual: Inventory costing methods LO P1 quired: Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification Determine the cost assigned to ending inventory and to cost of goods sold using weighted average etermine the cost assigned to ending inventory and to cost of goods sold using FIFO Determi 912 101 G H K L MH

Explanation / Answer

FIFO Method Date Purcahse COGS Inventory on hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Jan 175 10 1750 10-Jan          (135)             10      (1,350)              40 10            400 20-Jan 130 9 1170              40              10            400           130                9        1,170 25-Jan            (40)             10          (400)               -                10               -            (100)                9          (900)              30                9            270              30            270 30-Jan 250 8.5 2125              30                9            270           250                9        2,125           280              18        2,395 Total COGS          2,650 Total Inventory          2,395 LIFO Method Date Purcahse COGS Inventory on hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Jan 175 10 1750 10-Jan          (135)             10      (1,350)              40 10            400 20-Jan 130 9 1170              40              10            400           130                9        1,170 25-Jan          (130)                9      (1,170)              30              10            300            (10)             10          (100)               -                  9               -                30            300 30-Jan 250 8.5 2125              30              10            300           250                9        2,125           280              19        2,425 Total COGS          2,620 Total Inventory          2,425 Weighted Average Date Purcahse COGS Inventory on hand Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 1-Jan 175 10 1750 175 10 1750 10-Jan          (135)             10      (1,350)              40 10            400 20-Jan 130 9 1170              40              10            400           130                9        1,170           170          9.24        1,570 Average cost of 1570/170 25-Jan          (140)          9.24      (1,293)              30          9.24            277              30            277 30-Jan 250 8.5 2125              30          9.24            277           250          8.50        2,125           280          8.58        2,402 Average cost of 2402/280 Total COGS          2,643 Total Inventory          2,402

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