Chapter SHW xCLaker Compony Reported The F Question 7 (of 10) 10.00 points Exerc

Question

Chapter SHW xCLaker Compony Reported The F Question 7 (of 10) 10.00 points Exercise 5-5A Periodic: Inventory costing LO P1 Laker Company reported the following January purchases and sales data for its only product Sold at Retail 100 units @15 80 units es15 Activites Acquired at Cost 140 units @s600s 60 unts @$5 00300 180 units @ $450810 380 units Jan. 10 Sales Jan 20 Purchase Jan 25 Sales Jan. 30 Purchase Totals 1,950 180 units Laker 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 using (a) specitfic identification, (b) weighted average, (c) FIFO, and (d) LIFO Round cost per unit to 3 decimal places.) and to cost of goods sold Cost of Goods Available for Sale of units Cost per cistof Goods Cost of Goods Sold a) Specific Identification Cost of Goods of units Cost per Cost of Available for sold #of units | Cost | Ending in ending unit Goods Sold per unit Invent ory 125 600S 15 5 6.00 750 90 Beginning Inventory 55 $ 5.00 275 5.00 60 5 5.00 180 4 50 300 Jan. 20 Jan. 30 180450 200 810 925 810 Total 1,025 b) A of Goods Available for Sale Cost of Goods Sold erage Cost of Goods-of units! Average l costof |#ofunits Average! Ending Cost of Goodsof us ost ner up

Explanation / Answer

a)specific identification: Cost of GAFS Cost of Goods Sold Ending Inventory units cost/unit Cost of GAFS units sold cost/unit COGS ending unit cost/unit Ending Inventory 1-Jan 140 6 840 10-Jan 125 6 750 15 6 90 20-Jan 60 5 300 5 5 25 25-Jan 55 5 275 30-Jan 180 4.5 810 180 4.5 810 Total 1025 925 b) Average Cost: Cost of GAFS Cost of Goods Sold Ending Inventory units cost/unit Cost of GAFS units sold cost/unit COGS ending unit cost/unit Ending Inventory 1-Jan 140 6 840 10-Jan 100 5.13 513.16 20-Jan 60 5 300 20 5.13 102.63 25-Jan 80 5.13 410.53 30-Jan 180 4.5 810 180 5.13 923.68 Total 380 5.13 1950 923.68 1026.32 c) FIFO: Cost of GAFS Cost of Goods Sold Ending Inventory units cost/unit Cost of GAFS units sold cost/unit COGS ending unit cost/unit Ending Inventory 1-Jan 140 6 840 10-Jan 100 6.00 600 20-Jan 60 5 300 20 5.00 100.00 25-Jan 80 5.50 440 30-Jan 180 4.5 810 180 4.50 810.00 Total 380 1950 1040 910.00 d) LIFO: Cost of GAFS Cost of Goods Sold Ending Inventory units cost/unit Cost of GAFS units sold cost/unit COGS ending unit cost/unit Ending Inventory 1-Jan 140 6 840 140 6 840.00 10-Jan 20-Jan 60 5 300 60 5.00 300.00 25-Jan 30-Jan 180 4.5 810 180 4.5 810.00 Total 380 1950 810 1140.00

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