Laker Company reported the following January purchases and sales
data for its only product.
Date | Activities | Units Acquired at Cost | Units sold at Retail | ||||||||||||||
Jan. | 1 | Beginning inventory | 215 | units | @ | $ | 14.00 | = | $ | 3,010 | |||||||
Jan. | 10 | Sales | 165 | units | @ | $ | 23.00 | ||||||||||
Jan. | 20 | Purchase | 160 | units | @ | $ | 13.00 | = | 2,080 | ||||||||
Jan. | 25 | Sales | 190 | units | @ | $ | 23.00 | ||||||||||
Jan. | 30 | Purchase | 355 | units | @ | $ | 12.00 | = | 4,260 | ||||||||
Totals | 730 | units | $ | 9,350 | 355 | units |
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 375 units, where 355 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are 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
I need help finding the LIFO for the question above. For the values of x.
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
|
LIFO | Cost of Goods available for sale | Cost of Goods sold | Ending Inventory | ||||||||||
Particulars | Units | Rate | Amount | Units | Rate | Amount | Units | Rate | Amount | ||||
Beginning inventory | 215 | $ 14.00 | $ 3,010.00 | 215 | $ 14.00 | $ 3,010.00 | |||||||
Purchases: | |||||||||||||
20-Jan | 160 | $ 13.00 | $ 2,080.00 | 160 | $ 13.00 | $ 2,080.00 | |||||||
30-Jan | 355 | $ 12.00 | $ 4,260.00 | 355 | $ 12.00 | $ 4,260.00 | |||||||
Total | 730 | $ 9,350.00 | 355 | $ 4,260.00 | 375 | $ 5,090.00 |
Is this okay?
Laker Company reported the following January purchases and sales data for its only product. Date...
Laker Company reported the following January purchases and sales data for its only product. I have already calculated the Specific Id & Weighted Average. I need help calculating the (x) for FIFO Laker Company reported the following January purchases and sales data for its only product. DateActivitiesUnits Acquired at CostUnits sold at Retail Jan.1Beginning inventory215 units@$14.00=$3,010 Jan.10Sales 165 units@$23.00 Jan.20Purchase160 units@$13.00= 2,080 Jan.25Sales 190 units@$23.00 Jan.30Purchase355 units@$12.00= 4,260 Totals730 units $9,350 355 units Required: The Company uses a periodic...
MUS UNUS Homework 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 Date 1 Activities Betinine nentory (8 0430:30 Units Aquired at Costunits sold 215 units $14.00 $3,010 165 unitse 100 units $13.aa- 2.10 199 units 355 Its $12.00 28 Purchase $23.03 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 375 units, where 355 are from the...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 200 units @ $ 12.50 = $ 2,500 Jan. 10 Sales 160 units @ $ 21.50 Jan. 20 Purchase 130 units @ $ 11.50 = 1,495 Jan. 25 Sales 140 units @ $ 21.50 Jan. 30 Purchase 300 units @ $ 11.00 = 3,300 Totals 630 units $ 7,295 300 units The...
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What is the Perpetual FIFO and LIFO?
TOITS Only product Units Acquired at Cost 215 units @ $14.99 = $3,010 Units sold at Retail 165 units @ $23.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 160 units @ $13.00 = 2,080 190 units @ $23.99 330 units @ $12.50 = 705 units 4,125 $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory...
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Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 185 units @ $ 11.00 = $ 2,035 Jan. 10 Sales 145 units @ $ 20.00 Jan. 20 Purchase 100 units @ $ 10.00 = 1,000 Jan. 25 Sales 125 units @ $ 20.00 Jan. 30 Purchase 270 units @ $ 9.50 = 2,565 Totals 555 units $ 5,600 270 units The...
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Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 = $1,485 125 units @ $18.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units@ $8.00 = 880 125 units @ $18.00 230 units@ $7.50 = 505 units 1,725 $4,090 250 units The Company uses a perpetual inventory system. For specific identification, ending...