1) Specific identification method:
Specific identification method | Purchase | Issue | Balance | Sales Revenue & Profit | |||||||||
Date | Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Sales Revenue | Profit |
01-01-2020 | 150 | 7.5 | 1125 | 150 | 7.5 | 1125 | |||||||
10-01-2020 | 110 | 7.5 | 825 | 40 | 7.5 | 300 | 110 | 16.5 | 1815 | 990 | |||
20-01-2020 | 80 | 6.5 | 520 | 40 | 7.5 | 300 | |||||||
80 | 6.5 | 520 | |||||||||||
25-01-2020 | 15 | 7.5 | 112.5 | 25 | 7.5 | 187.5 | 15 | 16.5 | 247.5 | 135 | |||
25-01-2020 | 75 | 6.5 | 487.5 | 5 | 6.5 | 32.5 | 75 | 16.5 | 1237.5 | 750 | |||
30-01-2020 | 200 | 6 | 1200 | 25 | 7.5 | 187.5 | |||||||
5 | 6.5 | 32.5 | |||||||||||
200 | 6 | 1200 | |||||||||||
Total | 430 | 2845 | 200 | 1425 | 230 | 1420 | 200 | 3300 | 1875 |
2) Weighted average method:
Weighted Average Method | Purchase | Issue | Balance | Sales Revenue & Profit | |||||||||
Date | Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Sales Revenue | Profit |
01-01-2020 | 150 | 7.5 | 1125 | 150 | 7.5 | 1125 | |||||||
10-01-2020 | 110 | 7.5 | 825 | 40 | 7.5 | 300 | 110 | 16.5 | 1815 | 990 | |||
20-01-2020 | 80 | 6.5 | 520 | 120 | 6.833333333 | 820 | |||||||
25-01-2020 | 15 | 6.833333 | 102.5 | 105 | 6.833333333 | 717.5 | 15 | 16.5 | 247.5 | 145 | |||
25-01-2020 | 75 | 6.833333 | 512.5 | 30 | 6.833333333 | 205 | 75 | 16.5 | 1237.5 | 725 | |||
30-01-2020 | 200 | 6 | 1200 | 230 | 6.108695652 | 1405 | |||||||
Total | 430 | 2845 | 200 | 1440 | 230 | 1405 | 200 | 3300 | 1860 |
In this method all the units are considered to have a weighted average cost
3) Under FIFO, the oldest units are sold first
FIFO | Purchase | Issue | Balance | Sales Revenue & Profit | |||||||||
Date | Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Sales Revenue | Profit |
01-01-2020 | 150 | 7.5 | 1125 | 150 | 7.5 | 1125 | |||||||
10-01-2020 | 110 | 7.5 | 825 | 40 | 7.5 | 300 | 110 | 16.5 | 1815 | 990 | |||
20-01-2020 | 80 | 6.5 | 520 | 40 | 7.5 | 300 | |||||||
80 | 6.5 | 520 | |||||||||||
25-01-2020 | 40 | 7.5 | 300 | 30 | 6.5 | 195 | 90 | 16.5 | 1485 | 697.5 | |||
25-01-2020 | 50 | 6.5 | 487.5 | ||||||||||
30-01-2020 | 200 | 6 | 1200 | 30 | 6.5 | 195 | |||||||
200 | 6 | 1200 | |||||||||||
Total | 430 | 2845 | 200 | 1612.5 | 230 | 1395 | 200 | 3300 | 1687.5 |
4) Under LIFO the units purchased in the last are sold first:
LIFO | Purchase | Issue | Balance | Sales Revenue & Profit | |||||||||
Date | Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Amount | Unit | Rate | Sales Revenue | Profit |
01-01-2020 | 150 | 7.5 | 1125 | 150 | 7.5 | 1125 | |||||||
10-01-2020 | 110 | 7.5 | 825 | 40 | 7.5 | 300 | 110 | 16.5 | 1815 | 990 | |||
20-01-2020 | 80 | 6.5 | 520 | 40 | 7.5 | 300 | |||||||
80 | 6.5 | 520 | |||||||||||
25-01-2020 | 80 | 6.5 | 520 | 30 | 7.5 | 225 | 90 | 16.5 | 1485 | 477.5 | |||
25-01-2020 | 10 | 7.5 | 487.5 | ||||||||||
30-01-2020 | 200 | 6 | 1200 | 30 | 7.5 | 225 | |||||||
200 | 6 | 1200 | |||||||||||
Total | 430 | 2845 | 200 | 1832.5 | 230 | 1425 | 200 | 3300 | 1467.5 |
Use the following information for the Exercises below. (The following information applies to the questions displayed...
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 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units 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. 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 @ $...
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 @ $ 22.50 Jan....
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 Unite Mequired at Coat 140 units $6.00 - $ 840 100 units $15 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 unita $5.00 300 80 units $15 $4.50 180 units 380 unita The Company...
[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 240 units @ $16.50 = $ 3,960 Units sold at Retail 190 units @ $25.50 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 170 units @ $15.50 = 2,635 190 units @ $25.50 $15.00 = 380 units @ 790 units 5,700 $12,...
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. Unita boquired at cost 200 units $16.50 - $ 3.960 Units sold at Retail 190 unite $25.50 Activities Jan. 1 Seginning Inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totale 170 units $15.50 - 2,635 190 units $25.50 $15.00 - 380 units 790 units 5,700 $12,295 300 units The Company...
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 155 units @ $8.00 = $1,240 Units sold at Retail 115 units @ $17.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 90 units @ $7.00 = 630 95 units @ $17.00...
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 180 units @ $ 10.50 = $ 1,890 Jan. 10 Sales 140 units @ $ 19.50 Jan. 20 Purchase 110 units @ $ 9.50 = 1,045 Jan. 25 Sales 130 units @ $...
equired 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 160 units @ $ 8.50 = $ 1,360 Jan. 10 Sales 120 units @ $ 17.50 Jan. 20 Purchase 100 units @ $ 7.50 = 750 Jan. 25 Sales 120 units @ $...