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MUS UNUS Homework Required information The following information applies to the questions displayed below) Laker Company repo

Required information The following information applies to the questions displayed below) Laker Company reported the following

ω Required information The following information applies to the questions displayed below Laker Company reported the followin

MO3 Ch 05 Homework Required information The following information applies to the questions displayed below.) Laker Company re

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Answer #1

1) Specific Identification Method

a) Specific Identification Method 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 balance 215 $14 $3010 (215-15)= 200 $14 $2800 15 $14 $210
Purchases
Jan 20 160 $13 2080 (160-5)= 155 $13 2015 5 $13 65
Jan 30 355 $12 4260 0 355 $12 4260
Total 730 $9350 355 $4815 375 $4535

2) Average cost method

b) Average Cost 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 balance 215 $14 $3010
Purchases
Jan 20 160 $13 2080
Jan 30 355 $12 4260
Total 730 $9350 355 $12.81 $4548 375 $12.81 $4804

Average cost per unit= Cost of goods available for sale/Total units

= $9350/730= $12.81 per unit

3) FIFO method

c) FIFO method 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 balance 215 $14 $3010 215 $14 $3010 0
Purchases
Jan 20 160 $13 2080 140 $13 1820 20 $13 260
Jan 30 355 $12 4260 0 355 $12 4260
Total 730 $9350 355 $4830 375 $4520

4) LIFO method

d) LIFO method 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 balance 215 $14 $3010 0 215 $14 3010
Purchases
Jan 20 160 $13 2080 0 160 $13 2080
Jan 30 355 $12 4260 355 $12 4260
Total 730 $9350 355 $4260 375 $5090
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