Thank you from the estate Laker C reported the following January purchases and s

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Thank you

from the estate Laker C reported the following January purchases and sales data for its only product. Units Sold at Retail Date Activities Units Acquired at Cost Jan 1 Beginning inventory Jan. 10 Sales... Jan 20 Purchase Jan. 25 Sales... an 30 Purchase... 140 units @ $6.00 $840 60 units @ $5.00 = 300 180 units@ $4.50 810 100 units o $15 80 units $15 Totals 380 units $1,950 180 units Required cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Round per unit costs and inventory amounts to cents.) Fo 200 units, where 180 are from the January 30 purchase, 5 are from the January 2 from beginning inventory ne the cost assigned to ending inventory and to r specific identification, ending inventory consists of 0 purchase, and 15 ane

Explanation / Answer

Answer a. Specific Identification Method Ending Inventory Date Units Cost Total 30-Jan            180           4.50       810.00 20-Jan                 5           5.00          25.00 1-Jan               15           6.00          90.00            200       925.00 Cost of Goods Sold = $1,950 - $925 Cost of Goods Sold = $1,025 Answer b. Weighted Average Date Purchases Cost of Goods Sold Balance Unit Cost Total Unit Cost Total Unit Cost Total 1-Jan            140           6.00      840.00 10-Jan            100           6.00      600.00               40           6.00      240.00 20-Jan               60           5.00       300.00               40           6.00      240.00               60           5.00      300.00            100           5.40      540.00 25-Jan               80           5.40      432.00               20           5.40      108.00 30-Jan            180           4.50       810.00               20           5.40      108.00            180           4.50      810.00            200           4.59      918.00 Total            240    1,110.00            180         1,032 Answer c. FIFO Date Purchases Cost of Goods Sold Balance Unit Cost Total Unit Cost Total Unit Cost Total 1-Jan            140           6.00      840.00 10-Jan            100           6.00      600.00               40           6.00      240.00 20-Jan               60           5.00       300.00               40           6.00      240.00               60           5.00      300.00            100      540.00 25-Jan               40           6.00      240.00               20           5.00      100.00               40           5.00      200.00               80            440 30-Jan            180           4.50       810.00               20           5.00      100.00            180           4.50      810.00            200      910.00 Total            240    1,110.00            180         1,040 Answer d. LIFO Date Purchases Cost of Goods Sold Balance Unit Cost Total Unit Cost Total Unit Cost Total 1-Jan            140           6.00      840.00 10-Jan            100           6.00      600.00               40           6.00      240.00 20-Jan               60           5.00       300.00               40           6.00      240.00               60           5.00      300.00            100      540.00 25-Jan               60           5.00      300.00               20           6.00      120.00               20           6.00      120.00               80            420 30-Jan            180           4.50       810.00               20           6.00      120.00            180           4.50      810.00            200      930.00 Total            240    1,110.00            180         1,020

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