Required information Use the following information for the Exercises below. [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 225 units @ $ 15.00 = $ 3,375 Jan. 10 Sales 175 units @ $ 24.00 Jan. 20 Purchase 180 units @ $ 14.00 = 2,520 Jan. 25 Sales 210 units @ $ 24.00 Jan. 30 Purchase 385 units @ $ 13.00 = 5,005 Totals 790 units $ 10,900 385 units rev: 09_15_2017_QC_CS-99723 Exercise 5-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 405 units, where 385 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.
Answers
FIFO |
LIFO |
Weighted Average |
Specific Identification |
|
Ending Inventory |
$ 5,285.00 |
$ 5,895.00 |
$ 5,589.00 |
$ 5,300.00 |
Cost of Goods Sold |
$ 5,615.00 |
$ 5,005.00 |
$ 5,313.00 |
$ 5,600.00 |
--Working
FIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
225 |
$ 15.00 |
$ 3,375.00 |
225 |
$ 15.00 |
$ 3,375.00 |
0 |
$ 15.00 |
$ - |
Purchases: |
|||||||||
20-Jan |
180 |
$ 14.00 |
$ 2,520.00 |
160 |
$ 14.00 |
$ 2,240.00 |
20 |
$ 14.00 |
$ 280.00 |
30-Jan |
385 |
$ 13.00 |
$ 5,005.00 |
0 |
$ 13.00 |
$ - |
385 |
$ 13.00 |
$ 5,005.00 |
TOTAL |
790 |
$ 10,900.00 |
385 |
$ 5,615.00 |
405 |
$ 5,285.00 |
|||
LIFO |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
225 |
$ 15.00 |
$ 3,375.00 |
0 |
$ 15.00 |
$ - |
225 |
$ 15.00 |
$ 3,375.00 |
Purchases: |
|||||||||
20-Jan |
180 |
$ 14.00 |
$ 2,520.00 |
0 |
$ 14.00 |
$ - |
180 |
$ 14.00 |
$ 2,520.00 |
30-Jan |
385 |
$ 13.00 |
$ 5,005.00 |
385 |
$ 13.00 |
$ 5,005.00 |
0 |
$ 13.00 |
$ - |
TOTAL |
790 |
$ 10,900.00 |
385 |
$ 5,005.00 |
405 |
$ 5,895.00 |
|||
Specific Identification |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
225 |
$ 15.00 |
$ 3,375.00 |
210 |
$ 15.00 |
$ 3,150.00 |
15 |
$ 15.00 |
$ 225.00 |
Purchases: |
|||||||||
20-Jan |
180 |
$ 14.00 |
$ 2,520.00 |
175 |
$ 14.00 |
$ 2,450.00 |
5 |
$ 14.00 |
$ 70.00 |
30-Jan |
385 |
$ 13.00 |
$ 5,005.00 |
0 |
$ 13.00 |
$ - |
385 |
$ 13.00 |
$ 5,005.00 |
TOTAL |
790 |
$ 10,900.00 |
385 |
$ 5,600.00 |
405 |
$ 5,300.00 |
|||
Average Method |
Cost of Goods available for sale |
Cost of Goods Sold |
Ending Inventory |
||||||
Units |
Cost/unit |
COG for sale |
Units sold |
Cost/unit |
COGS |
Units |
Cost/unit |
Ending inventory |
|
Beginning Inventory |
225 |
$ 15.00 |
$ 3,375.00 |
||||||
Purchases: |
|||||||||
20-Jan |
180 |
$ 14.00 |
$ 2,520.00 |
||||||
30-Jan |
385 |
$ 13.00 |
$ 5,005.00 |
||||||
TOTAL |
790 |
$ 13.797 |
$ 10,900.00 |
385 |
$ 13.8000 |
$ 5,313.00 |
405 |
$ 13.8000 |
$ 5,589.00 |
Required information Use the following information for the Exercises below. [The following information applies to 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 Activities Units Acquired at Cost 225 units @$15.00 3,375 Units sold at Retail Date 1 Beginning inventory Jan. 175 units $24.00 Sales T 180 units @$14.00 2,520 ase 210 units $24.00 Jan. 25 Sales 385 units @$13.0e0 Jan. 30 Purchase 5,e05 790 units $10,900 385 units Totals Required: 1. Complete comparative income statements for the...
Required information Use the following information for the Exercises below. (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 225 units@ $15.00 = $ 3,375 175 units @ $24.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 180 units@ $14.00 = 2,520 210 units @ $24.00 350...
Required information Use the following information for the Exercises below. [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 205 units @ $ 13.00 = $ 2,665 Jan. 10 Sales 165 units @ $ 22.00 Jan. 20 Purchase 140 units @ $ 12.00 = 1,680 Jan. 25 Sales 145 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 225 units@ $15.00 = $ 3,375 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 2,520 180 units @ $14.00 = 350 units @ $13.50 = 755 units 175 units @ $24.00 210 units @ $24.00 4,725...
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 225 units @ $ 15.00 = $ 3,375 Jan. 10 Sales 175 units @ $ 24.00 Jan. 20 Purchase 180 units @ $ 14.00 = 2,520 Jan. 25 Sales 210 units @ $ 24.00 Jan. 30 Purchase 350 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 225 units @ $ 15.00 = $ 3,375 Jan. 10 Sales 175 units @ $ 24.00 Jan. 20 Purchase 180 units @ $ 14.00 = 2,520 Jan. 25 Sales 210 units @ $ 24.00 Jan. 30 Purchase 350 units @ $...
Required Information Use the following information for the Exercises below. [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 190 units $7.00 $1,338 Units sold at Reta 150 units $16.ee Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 st $5. 138 units $16.00 $5.50 280 units @ Se units 33.5...
Required information Use the following information for the Exercises below. [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 Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 140 units @ $6.00 = $ 840 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units @ $5.00 = 300 Jan. 25 Sales se units @ $15 Jan. 30 Purchase 180...
Required information Use the following information for the Exercises below. [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 240 units @ $ 16.50 = $ 3,960 Jan. 10 Sales 190 units @ $ 25.50 Jan. 20 Purchase 170 units @ $ 15.50 = 2,635 Jan. 25 Sales 190 units @ $...
Required information Use the following information for the Exercises below. [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 210 units @ $ 13.50 = $ 2,835 Jan. 10 Sales 160 units @ $ 22.50 Jan. 20 Purchase 150 units @ $ 12.50 = 1,875 Jan. 25 Sales 180 units @ $...