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. Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Activities Units sold at Retail 120 unitse $17.50 120 units $17.50 240 units Units Acquired at Cost 160 units $8.50 -$1,360 100 units@ $7.50750 220 units @ $7.00= 1,540 Totals 480 units $3,650 The Company uses a perpetual Inventory system. For specific identification, ending Inventory consists of 240 units, where 220 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 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 Complete this questions by entering your answers in the below tabs Required1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification Available for Sale Cost of Goods Sold Ending Inventory Ending Cost Per Inventory Ending Units Unit Cost Units Sold urchase Date Activity Unit Cost COGS Inventory- Units Cost Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 160 $ 8.50 100 $ 7.50 220S 7.00 480 Required 2>

Explanation / Answer

LIFO Goods Purchased Cost of Goods Sold Ending Inventory Date of transaction Activity units unit cost units sold unit cost COG$ Ending inventory unit Cost per Unit Ending inventory cost Jan-01 Beginning inventory 160 $8.5 160 8.5 1360 Jan-10 Sales 120 8.5 1020 40 8.5 340 Jan-20 Purchases 100 7.5 140 100*7.5 & 40*8.5 1090 Jan-25 sales 100 7.5 750 20 8.5Scholarships 170 20 8.5 170 Jan-30 Purchases 220 7 240 20*8.5 & 220*7 1710 FIFO Goods Purchased Cost of Goods Sold Ending Inventory Date of transaction Activity units unit cost units sold unit cost COG$ Ending inventory unit Cost per Unit Ending inventory cost Jan-01 Beginning inventory 160 $8.5 160 8.5 1360 Jan-10 Sales 120 8.5 1020 40 8.5 340 Jan-20 Purchases 100 7.5 140 100*7.5 & 40*8.5 1090 Jan-25 sales 40 8.5 340 80 7.5 600 20 7.5 150 Jan-30 Purchases 220 7 240 20*7.5 & 220*7 1690 WEIGHTED AVERAGE METHOD Goods Purchased Cost of Goods Sold Ending Inventory Date of transaction Activity units unit cost units sold unit cost COG$ Ending inventory unit Cost per Unit Ending inventory cost Jan-01 Beginning inventory 160 $8.5 160 8.5 1360 Jan-10 Sales 120 8.5 1020 40 8.5 340 Jan-20 Purchases 100 7.5 140 7.79 1090.6 Jan-25 sales 120 7.79 934.8 20 7.79 155.8 Jan-30 Purchases 220 7 240 7.07 1696.8 Specific Identification Available for sale Cost of Goods Sold Ending Inventory Date of transaction Activity units unit cost units sold unit cost COG$ Ending inventory unit Cost per Unit Ending inventory cost Jan-01 Beginning inventory 160 $8.5 160 8.5 1360 Jan-10 Sales 120 $8.5 $1020 40 8.5 340 Jan-20 Purchases 100 7.5 140 100*7.5 & 40*8.5 1090 Jan-25 sales 25 8.5 212.5 120 100*7.5 & 15*8.5 877.25 95 7.5 712.5 20 5*7.5 & 15*8.5 165 Jan-30 Purchases 220 7 240 220*7 & 5*7.5 & 15*8.5 1705

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

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