Question

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Chapter 5 Exercises MHE Reader Check my 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 205 units@ $13.00 = $2,665 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 140 units@ $12.00 = 1,680 165 units @ $22.00 145 units @ $22.00 310 units@ $11.50 = 655 units 3,565 $7,910 310 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 345 units, where 310 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory. Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering vour answers in the tabs below. < Prev 2 of 5 ! Next >

Answer 1

DATE ACTIVITY 01-Jan OPENING INVENTORY 10-Jan SALE 20-Jan PURCHASE 25-Jan SALE AVAILABLE FOR SALE COST OF GOODS SOLD ENDING INVENTORY UNITS UNIT COST COST UNIT SOLD UNIT COST COGS UNITS UNIT COSTCOST 13 2,665 13 2,145 40 13 520 12 1,680 40 13 520 140 12 1,680 131 130 13 390 135 12 1,620 5 12 60 3101 11.5 3,565 30 13 390 5 1260 310 11.5 3,565 7910310 3 895 345 4015 30 30-Jan PURCHASE URU