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 |
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 |
@ |
$ |
25.50 |
|||||||||||
Jan. |
30 |
Purchase |
380 |
units |
@ |
$ |
15.00 |
= |
5,700 |
|||||||||
Totals |
790 |
units |
$ |
12,295 |
380 |
units |
||||||||||||
The Company uses a perpetual inventory system. For specific
identification, ending inventory consists of 410 units, where 380
are from the January 30 purchase, 5 are from the January 20
purchase, and 25 are from beginning inventory.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO
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 |
240 @ |
$16.50 = |
$3960.00 |
|||||
JAN 10 |
||||||||
JAN 20 |
||||||||
JAN 25 |
||||||||
JAN 30 |
||||||||
TOTALS |
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-01 | 240 @ | $16.50 = | $3960.00 | |||||
Jan-10 | 190 | $ 16.50 | $ 3,135.00 | 50 @ | $ 16.50= | $ 825.00 | ||
Jan-20 | 170 | $ 15.50 | 50 @ | $ 16.50= | $ 825.00 | |||
170 @ | $ 15.50= | $ 2,635.00 | ||||||
220 | $ 3,460.00 | |||||||
Jan-25 | 170 | $ 15.50 | $ 2,635.00 | |||||
20 | $ 16.50 | $ 330.00 | 30 @ | $ 16.50= | $ 495.00 | |||
Jan-30 | 380 | $ 15.00 | 30 @ | $ 16.50= | $ 495.00 | |||
380 @ | $ 15.00= | $ 5,700.00 | ||||||
TOTALS | 380 | 6100 | 410 | $ 6,195.00 |
Required information [The following information applies to the questions displayed below.] Laker Company reported the following...
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 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 @ $ 25.50 Jan. 30 Purchase 380 units @ $...
[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. 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 @ $...
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...
Laker Company reported the following January purchases and sales data for its only product Units Required at Cost 240 unitat $16.50 - $3.960 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Parehase Jan. 25 Sales Jan. 30 Purchase Totale 170 unital $15.50 - 2,635 190 units $25.50 190 units e $25.50 $15.00 - 380 units 790 units 5,700 $12,295 380 units The Company uses a perpetual Inventory system. For specific identification, ending Inventory...
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 @ $ 25.50 Jan. 30 Purchase 380 units @ $ 15.00 = 5,700 Totals 790 units $ 12,295 380 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 @ $...
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 sold at Retail Units Acquired at Cost 145 units@ $7.00 = $1,015 105 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 70 units@ $6.00 = 420 85 units @ $16.00 190 units@ $5.50 - 405 units 1,045 $2,480 190 units...
(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 145 units @ $ 7.00 = $ 1,015 105 units @ $16.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 70 units @ $ 6.00 = 420 85 units @ $16.00 @ $5.50 = 190 units 405 units 1,045...