Required information The following information applies to the questions displaye

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 Activities Units Acquired at Cost an. 1 Beginning inventory an. 10 Sales an. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 140 units $6.00 840 60 units $5.0300 180 units $4.50810 Units sold at Retail 100 units @ $15 80 units $15 Totals 380 units $1,950 180 units The Company uses a perpetual 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 Required 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific Identificatior. 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

Explanation / Answer

STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 140 6 840 10-Jan 100 6 600 40 6 240 20-Jan 60 5 300 40 6 240 60 5 300 25-Jan 40 6 240 40 5 200 20 5 100 30-Jan 180 4.5 810 20 5 100 180 4.5 810 TOTAL 240 1110 180 1040 200 910 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 140 6 840 10-Jan 100 6 600 40 6 240 20-Jan 60 5 300 40 6 240 60 5 300 25-Jan 60 5 300 20 6 120 20 6 120 30-Jan 180 4.5 810 20 6 120 180 4.5 810 TOTAL 240 1110 180 1020 200 930 STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 1-Jan 140 6 840 10-Jan 100 6 600 40 6 240 20-Jan 60 5 300 40 6 240 60 5 300 AVERAGE 100 5.4 540 25-Jan 80 5.4 432 20 5.4 108 30-Jan 180 4.5 810 20 5.4 108 180 4.5 810 AVERAGE 200 4.59 918 TOTAL 240 1110 180 1032 200 4.59 918 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Balance 140 6 840 125 6 750 15 6 90 Purchasse 20-Jan 60 5 300 55 5 275 5 5 75 30-Jan 180 4.5 810 180 4.5 810 TOTAL 380 1950 180 1025 200 975 Ending Inventory COGS Specific Identification 975 1025 Average 918 1032 FIFO 930 1020 LIFO 910 1040

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