Question

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 inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identificati 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Answer 1

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Part 1
	Purchases			Cost of Goods Sold			Ending Inventory
Date	Unit	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost
Jan 1							165	$          9.00	$          1,485
Jan 10				125	$          9.00	$          1,125	40	$          9.00	$             360
Jan 20	110	$            8.00	$               880				40	$          9.00	$             360
							110	$          8.00	$             880
Jan 25				20	$          9.00	$             180	20	$          9.00	$             180
				105	$          8.00	$             840	5	$          8.00	$                40
Jan 30	230	$            7.50	$            1,725				20	$          9.00	$             180
							5	$          8.00	$                40
							230	$          7.50	$          1,725
Cost of Godos Sold				250		$          2,145
Ending Inventory							255		$          1,945
Part 2 WA
	Purchases			Cost of Goods Sold			Ending Inventory
Date	Unit	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost
Jan 1							165	$          9.00	$    1,485.00
Jan 10				125	$          9.00	$          1,125	40	$          9.00	$       360.00
Jan 20	110	$            8.00	$               880				150	$          8.27	$    1,240.00
Jan 25				125	$          8.27	$          1,033	25	$          8.27	$       206.67
Jan 30	230	$            7.50	$            1,725				255	$          7.58	$    1,931.67
Cost of Godos Sold				250		$          2,158
Ending Inventory							255		$          1,932
Part 3 FIFO
	Purchases			Cost of Goods Sold			Ending Inventory
Date	Unit	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost
Jan 1							165	$          9.00	$          1,485
Jan 10				125	$          9.00	$          1,125	40	$          9.00	$             360
Jan 20	110	$            8.00	$               880				40	$          9.00	$             360
							110	$          8.00	$             880
Jan 25				40	$          9.00	$             360	-	$          9.00	$                 -
				85	$          8.00	$             680	25	$          8.00	$             200
Jan 30	230	$            7.50	$            1,725				-	$          9.00	$                 -
							25	$          8.00	$             200
							230	$          7.50	$          1,725
Cost of Godos Sold				250		$          2,165
Ending Inventory							255		$          1,925
Part 4 LIFO
	Purchases			Cost of Goods Sold			Ending Inventory
Date	Unit	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost	Unit	Unit Cost	Total Cost
Jan 1							165	$          9.00	$          1,485
Jan 10				125	$          9.00	$          1,125	40	$          9.00	$             360
Jan 20	110	$            8.00	$               880				40	$          9.00	$             360
							110	$          8.00	$             880
Jan 25				110	$          8.00	$             880	25	$          9.00	$             225
				15	$          9.00	$             135
Jan 30	230	$            7.50	$            1,725				25	$          9.00	$             225
							-	$               -	$                 -
							230	$          7.50	$          1,725
Cost of Godos Sold				250		$          2,140
Ending Inventory							255		$          1,950