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 | |||
MUS UNUS Homework Required information The following information applies to the questions displayed below) Laker 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 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 Beginning Jan. 1 inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 220 units@ $14.50 = $ 3,190 170 units@ $23.50 170 units@ $13.50 = 2,295 200 units @ $23.50 370 units@ $13.00 = 4,810 760 units $10,295 370 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. 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 -...
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. Units Acquired at Cost 165 units@ $9.00 = $1,485 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 125 units @ $18.00 110 units@ $8.00 880 125 units @ $18.00 230 units@ $7.50 505 units 1,725 $4,090 250 units 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. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 195 units @ $ 12.00 = $ 2,340 Jan. 10 Sales 155 units @ $ 21.00 Jan. 20 Purchase 120 units @ $ 11.00 = 1,320 Jan. 25 Sales 135 units @ $ 21.00 Jan. 30 Purchase 290 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 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...
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 200 units@ $12.50 = $2,500 Units sold at Retail 160 units @ $21.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units@ $11.50 = 1,495 140 units @ $21.50 300 units@ $11.00 = 630 units 3,300 $7,295 300 units...