Required information The following information applies to the questions displaye

Question

Required information The following information applies to the questions displayed below.J Laker Company reported the following January purchases and sales data for its only product. Activities Units sold at Retail 160 units $22.50 18e units$22.50 340 units Date Units Acquired at Cost Beginning inventory Jan. 1e Sales Jan. 2e Purchase Jan. 25 Sales Jan. 3e Purchase 210 units @ $13.50$2,835 lse units @ $12.se 1,875 320 units@$12.80-3,848 Totals 680 units $8,55e The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. equired 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 FIFO 4. Determine the cost assigned to ending -inventory and to cost of goods sold using LIFO plete this questions by entering your an ow tabs Required 1 Required 2 Required 3 Required 4 0 o ending inventory and cost of goods sold using specific identification Specific ldentification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Inventory- Unit Cost Units Sold Purchase Date Activity Units Unit Cost COGS Inventory- Unit Units Cost Jan. 1 Beginning inventory Purchase Purchase 210 150 320 680

Explanation / Answer

Answer =   CALCULATION OF COST OF ENDING INVENTORY AND COST OF GOODS SOLD UNDER SPECIFIC IDENTIFICATION PURHASES COST OF GOODS SOLD CLOSING BALANCE Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Jan , 01 Beginning inventory 210 $13.50 $2,835.0 Jan , 10 Sales 160 $13.50 $2,160.0 50 $13.50 $675.0 Jan , 20 Purchases 150 $12.50 $1,875.0 50 $13.50 $675.0 150 $12.50 $1,875.0 Jan, 25 Sales 35 $13.50 $472.5 145 $12.50 $1,812.5 15 $13.50 $202.5 5 $12.50 $62.5 Jan , 30 Purchases 320 $12.00 $3,840.0 15 $13.50 $202.5 5 $12.50 $62.5 320 $12.00 $3,840.0 Total 340 4445 340 4105.0 Unit Amoun COGS as per Specific indentification 340 $4,445.00 Closing Balance as per Specific identification 340 $4,105.00 CALCULATION OF COST OF ENDING INVENTORY AND COST OF GOODS SOLD UNDER FIFO METHOD PURHASES COST OF GOODS SOLD CLOSING BALANCE Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Jan , 01 Beginning inventory 210 $13.50 $2,835.0 Jan , 10 Sales 160 $13.50 $2,160.0 50 $13.50 $675.0 Jan , 20 Purchases 150 $12.50 $1,875.0 50 $13.50 $675.0 150 $12.50 $1,875.0 Jan, 25 Sales 50 $13.50 $675.0 130 $12.50 $1,625.0 20 $12.50 $250.0 Jan , 30 Purchases 320 $12.00 $3,840.0 20 $12.50 $250.0 320 $12.00 $3,840.0 Total 340 4460 340 4090.0 Unit Amoun COGS as per FIFO Method 340 $4,460.00 Closing Balance as per FIFO 340 $4,090.00 CALCULATION OF COST OF ENDING INVENTORY AND COST OF GOODS SOLD UNDER LIFO METHOD PURHASES COST OF GOODS SOLD CLOSING BALANCE Date Particulars Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Units (A) Rate Per unit Total Cost Jan , 01 Beginning inventory 210 $13.50 $2,835.0 Jan , 10 Sales 160 $13.50 $2,160.0 50 $13.50 $675.0 Jan , 20 Purchases 150 $12.50 $1,875.0 50 $13.50 $675.0 150 $12.50 $1,875.0 Jan, 25 Sales 150 $12.50 $1,875.0 30 $13.50 $405.0 20 $13.50 $270.0 Jan , 30 Purchases 320 $12.00 $3,840.0 20 $13.50 $270.0 320 $12.00 $3,840.0 Total 340 4440 340 4110.0 Unit Amoun COGS as per LIFO Method 340 $4,440.00 Closing Balance as per LIFO 340 4110.0 CALCULATION OF THE UNIT COST AS PER AVERAGE COST METHOD Units (A) Rate Per unit Total Cost Opening 210 $          13.50 $            2,835.00 Purchase 1 = 150 $          12.50 $            1,875.00 Purchase 2 = 320 $          12.00 $            3,840.00 Total 680 $            8,550.00 Average Unit Cost =              8,550.00 "/" By $               680.00 Average Unit Cost = $                12.57 Per Units Cost of goods sold = $              340.00 "X" By $                  12.57 Cost of goods sold =              4,275.00 Closing stock =                  340.00 "X" By $                  12.57 Closing stock = $                4,275

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.