Question

Required information The following information applies to the questions displayed below.) Laker Company reported the followin
Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specif
Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using weight
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Answer #1

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
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