Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Weighted Average Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = FIFO 140 units Complete this question by entering your answers in the tabs below. LIFO 60 units 180 units 380 units $ 840 300 810 $ 1,950 Units sold at Retail The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 100 units 80 units 180 units @ $15 @ $ 15 Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Weighted Average Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = FIFO 140 units Complete this question by entering your answers in the tabs below. LIFO 60 units 180 units 380 units $ 840 300 810 $ 1,950 Units sold at Retail The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. 100 units 80 units 180 units @ $15 @ $ 15 Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product. For specific identification,
ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units
from beginning inventory.
Date
January 1
January 10
January 20
January 25
January 30
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Totals
Specific Id
Weighted
Average
Units Acquired at Cost
@ $6.00 =
@ $5.00 =
@ $ 4.50 =
FIFO
140 units
Complete this question by entering your answers in the tabs below.
LIFO
60 units
180 units
380 units
$ 840
300
810
$ 1,950
Units sold at Retail
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30
purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending
inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
100 units
80 units
180 units
@ $15
@ $ 15
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of
180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.
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