Question

  
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 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.

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

c) FIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory 215 14.00 $3,010 215 $14.00 $3,010 x Purchases: Jan. 20 160 13.00 2,080 x x Jan. 30 355 12.00 4,260 x x Total 730 $9,350 215 $3,010 0 $

Answer 1

Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Cost of Goods Available for Cost of Goods Sold Ending Inventory Cost of FIFO Cost of # of units # of units Cost per Goods # of units Cost per Cost per Ending Goods in ending unit Available sold unit Sold inventory unit Inventory for Sale Beg. Inventory (Jan. 1) 215 $14.00 $3.010 215 $14.00 $3,010 $14.00 Purchases: Jan. 20 160 $13.00 $2,080 140 $13.00 $1,820 20 $13.00 $260 Jan. 30 355 $12.00 $4,260 $12.00 355 $12.00 $4,260 Total 730 $9,350 355 $4,830 375 $4,520