Specific Identification method: | ||||||||
Cost assigned to ending inventory: | ||||||||
$ | ||||||||
Jan 30. purchase | 210 units at $ 6.50 | 1365 | ||||||
Jan 20. purchase | 5 units at $ 7 | 35 | ||||||
Beginning inventory | 30 units at $ 8 | 240 | ||||||
Total | 1640 | |||||||
Cost of goods sold=Beginning inventory+Purchases-Ending inventory=1240+3235-1640=$ 2835 | ||||||||
Weighted average method: | ||||||||
Under weighted average inventory method,Inventory is valued at weighted average cost per unit | ||||||||
Weighted average cost per unit=Total cost/Total quantity | ||||||||
Goods purchased | Cost of goods sold | Inventory balance | ||||||
Date | # of units | Cost per unit | # of units sold | Cost per unit | Cost of goods sold | # of units | Cost per unit | Inventory balance |
Jan 1. | 155 | 8 | 1240 | |||||
Jan 10. | 115 | 8 | 920 | 40 | 8 | 320 | ||
(155-115) | ||||||||
Jan 20. | 90 | 7 | 40 | 8 | 320 | |||
90 | 7 | 630 | ||||||
Average cost | 130 | 7.31 | 950 | |||||
(950/130) | ||||||||
Jan 25. | 95 | 7.31 | 694.45 | 35 | 7.31 | 255.85 | ||
(130-95) | ||||||||
Jan 30. | 210 | 6.5 | 35 | 7.31 | 255.85 | |||
210 | 6.5 | 1365 | ||||||
Average cost | 245 | 6.62 | 1620.85 | |||||
(1620.85/245) | ||||||||
Total | 1614.45 | |||||||
Cost assigned to ending inventory=$ 1620.85 | ||||||||
Cost of goods sold=$ 1614.45 | ||||||||
Under FIFO method,Goods purchased first are sold first. | ||||||||
Goods purchased | Cost of goods sold | Inventory balance | ||||||
Date | # of units | Cost per unit | # of units sold | Cost per unit | Cost of goods sold | # of units | Cost per unit | Inventory balance |
Jan 1. | 155 | 8 | 1240 | |||||
Jan 10. | 115 | 8 | 920 | 40 | 8 | 320 | ||
(155-115) | ||||||||
Jan 20. | 90 | 7 | 40 | 8 | 320 | |||
90 | 7 | 630 | ||||||
Jan 25. | 95 units sold as follows | |||||||
40 | 8 | 320 | 35 | 7 | 245 | |||
55 | 7 | 385 | (90-55) | |||||
(95-40) | ||||||||
Jan 30. | 210 | 6.5 | 35 | 7 | 245 | |||
210 | 6.5 | 1365 | ||||||
Total | 1625 | |||||||
Cost assigned to ending inventory=245+1365=$ 1610 | ||||||||
Cost of goods sold=$ 1625 | ||||||||
Under LIFO method,Goods purchased last are sold first. | ||||||||
Goods purchased | Cost of goods sold | Inventory balance | ||||||
Date | # of units | Cost per unit | # of units sold | Cost per unit | Cost of goods sold | # of units | Cost per unit | Inventory balance |
Jan 1. | 155 | 8 | 1240 | |||||
Jan 10. | 115 | 8 | 920 | 40 | 8 | 320 | ||
(155-115) | ||||||||
Jan 20. | 90 | 7 | 40 | 8 | 320 | |||
90 | 7 | 630 | ||||||
Jan 25. | 95 units sold as follows | |||||||
90 | 7 | 630 | 35 | 8 | 280 | |||
5 | 8 | 40 | (40-5) | |||||
(95-90) | ||||||||
Jan 30. | 210 | 6.5 | 35 | 8 | 280 | |||
210 | 6.5 | 1365 | ||||||
Total | 1590 | 1645 | ||||||
Cost assigned to ending inventory=280+1365=$ 1645 | ||||||||
Cost of goods sold=$ 1590 | ||||||||
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 Aequired at Cost Units sold at Retail Jan. 1 Beginning inventory 155 unitse $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 Date The...
[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 unitse $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 The Company...
Required information Use the following information for the Exercises 3-7 below. (Algo) [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 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...
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 Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 140 units @ $6.00 $ 840 100 units @ $ 15 60 units @ $5.00 = 300 80 units @...
Required information Use the following information for the Exercises below [The following information applies to the questions displayed below.j Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Date Jan. 1 Beginning inventory 215 units $14.00$3,010 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30Purchase Units sold at Retail 165 units 23.00 190 units $23.00 160 units $13.00 2,080 330 unitse $12.504,125 705 units Totals $9,215 355 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 sold at Retail Units Acquired at Cost 220 units @ $14.50 = $3,190 170 units @ $23.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 170 units@ $13.50 = 2,295 200 units @ $23.50 340...
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 100 units @ $10.50 - $1,890 n. le Sales 140 nits $19.50 Jan. 20 Purchase 110 units $ 9.50 1,045 Jan. 25 Sales 130 units @ $19.se Jan. 30 Purchase 260 units $9.00...
Chapter 05 Homework i 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 145 units @ $7.00 = $1,015 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 70 units @ $6.00 = 420 105 units @ 85 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 @ $...
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 Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 220 units @ $14.50 - $3,190 170 units @ $23.50 170 units @ $13.50 - 2,295 200 units @ $23.50 340 units@ $13.00 - 4,420 Totals 370 units Date Jan. 10 Sales Jan. 20...