Cost assigned to ending inventory and cost of goods sold is as shown below:
Specific Identification | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
No. of units | Cost per unit | Cost of goods available for sale | No. of units | Cost per unit | Cost of goods sold | No. of units | Cost per unit | Ending Inventory | |
Beginning Inventory | 220 | 14.50 | 3,190 | 205 | 14.50 | 2,973 | 15 | 14.50 | 218 |
Purchases: | |||||||||
January 20 | 170 | 13.50 | 2,295 | 165 | 13.50 | 2,228 | 5 | 13.50 | 68 |
January 30 | 370 | 13.00 | 4,810 | 370 | 13.00 | 4,810 | |||
Total | 760 | 10,295 | 370 | 5,200 | 390 | 5,095 |
Weighted Average | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
No. of units | Cost per unit | Cost of goods available for sale | No. of units | Cost per unit | Cost of goods sold | No. of units | Cost per unit | Ending Inventory | |
Beginning Inventory | 220 | 14.50 | 3,190 | 370 | 13.55 | 5,012 | 390 | 13.55 | 5,283 |
Purchases: | |||||||||
January 20 | 170 | 13.50 | 2,295 | ||||||
January 30 | 370 | 13.00 | 4,810 | ||||||
Total | 760 | 13.55 | 10,295 | 370 | 5,012 | 390 | 5,283 |
FIFO | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
No. of units | Cost per unit | Cost of goods available for sale | No. of units | Cost per unit | Cost of goods sold | No. of units | Cost per unit | Ending Inventory | |
Beginning Inventory | 220 | 14.50 | 3,190 | 220 | 14.50 | 3,190 | |||
Purchases: | |||||||||
January 20 | 170 | 13.50 | 2,295 | 150 | 13.50 | 2,025 | 20 | 13.50 | 270 |
January 30 | 370 | 13.00 | 4,810 | 370 | 13.00 | 4,810 | |||
Total | 760 | 10,295 | 370 | 5,215 | 390 | 5,080 | |||
LIFO | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
No. of units | Cost per unit | Cost of goods available for sale | No. of units | Cost per unit | Cost of goods sold | No. of units | Cost per unit | Ending Inventory | |
Beginning Inventory | 220 | 14.50 | 3,190 | 220 | 14.50 | 3,190 | |||
Purchases: | |||||||||
January 20 | 170 | 13.50 | 2,295 | 170 | 13.50 | 2,295 | |||
January 30 | 370 | 13.00 | 4,810 | 370 | 13.00 | 4,810 | |||
Total | 760 | 10,295 | 370 | 4,810 | 390 | 5,485 |
Required information The following information applies to the questions displayed below.) Laker Company reported the following...
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 Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 155 units $8.00 - $1,240 Jan. 10 Sales 115 units $17.00 Jan. 20 Purchase 90 units $7.00 - 630 Jan. 25 Sales 95 units $17.00 Jan. 30 Purchase 210 unitse $6.50- 1,365 Totals 455 units $3,235 210 units Required: The Company...
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. Units Acquired at Cost Units sold at Retail 140 units$6.840 Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales an. 30 Purchase 100 units 15 60 units$5.00300 80 units 15 180 units $4.50-81e 380 units Totals $1,950 180 units Required The Company uses a periodic inventory system. For specific identification,...
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 Activities Deginning Jenaventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 240 units $16.50 $ 3.960 190 wita $25.50 170 units $15.50 - 2,635 190 units $25.50 380 units $15.00 - 5.700 790 units $12,295 380 wita Required: The Company uses...
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 Activities Jan. 1 Beginning van inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 185 units @ $11.00 - $2,035 145 units @ $ 20.00 100 units @ $10.00 - 1,000 125 units @ $20.00 270 units @ $ 9.50 -...
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...
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 Units sold at Activities whits Aequired at copt Beginning 100 units $10.50 =$1,890 Jan. Inventory Jan. 10 Sales 140 units $19.50 Jan. 20 Purchase 110 units$ 9.50 - 1,045 Jan. 25 Sales 130 units $19.50 Jan. 30 Purchase 260 unitats 9.00 - 2,340 Totala 550 units $5,275 270 units The Company uses a perpetual...
Chapter 05 Homework A Saved Required information [The following information applies to the questions displayed below.) Part 1 of 2 Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail points Units Acquired at Cost 200 units @ $12.50 = $2,500 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units @ $11.50 = 1,495 160 units @ $21.50 140 units...
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 Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 220 units@ $14.50 = $3,190 Jan. 10 Sales 170 units $23.50 Jan. 20 Purchase 170 units@ $13.50 = 2,295 Jan. 25 Sales 200 units @ $23.50 Jan. 30 Purchase 340 units@ $13.00 = 4,420 Totals 730 units $9,905 370 units The...
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 Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 220 units@ $14.50 = $3,190 Jan. 10 Sales 170 units @ $23.50 Jan. 20 Purchase 170 units@ $13.50 = 2,295 Jan. 25 Sales 200 units @ $23.50 Jan. 30 Purchase 340 units@ $13.00 = 4,420 Totals 730 units $9,905 370 units...
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. Units sold at Retail Units Acquired at Cost 145 units@ $7.00 = $1,015 105 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 70 units@ $6.00 = 420 85 units @ $16.00 190 units@ $5.50 - 405 units 1,045 $2,480 190 units...