Question

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 Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 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.

Answer 1

Solution:

Perpetual 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	# ofunits	Cost per unit	Inventory Balance
Jan-01									155	@	8	=	4572
Jan-10				115	@	8	=	920	40	@	8	=	320
Jan-20	90	@	7						40	@	8	=	320
									90	@	7	=	630
													950
Jan-25				5	@	8	=	40	35	@	8	=	280
				90	@	7	=	630		@	7	=
								670					280
Jan-30	210	@	6.5						35	@	8	=	280
									210	@	6.5	=	1365
													1645
Totals								1590					1645

Weighted averge perpetual
	Goods purchased	Cost of goods sold	Inventory Balance
Date	# of units		Cost per unit	# of units sold	Cost per unit	Cost of goods sold	# ofunits	Cost per unit	Inventory Balance
Jan-01									155	@	8	=	1240
Jan-10				115	@	8	=	920	40	@	8	=	320
Jan-20	90	@	7						40	@	8	=	320
									90	@	7	=	630
Average									130	@	7.31	=	950
Jan-25				95		7.31		694.45	35	@	7.3	=	255.55
Jan-30	210	@	6.5						35	@	7.3	=	255.55
									210	@	6.5	=	Add a comment Know the answer? Add Answer to: Required information (The following information applies to the questions displayed below.) Laker Company reported the following... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free. Similar Homework Help Questions [The following information applies to the questions displayed below. Laker Company reported the following January purchases... [The following information applies to the questions displayed below. Laker Company reported the following January purchases and sales data for its only product. 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