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. | 30 | Purchase | 320 | units | @ | $ | 12.00 | = | 3,840 | |||||||||
Totals | 680 | units | $ | 8,550 | 340 | units | ||||||||||||
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 340 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
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.
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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 @ $...
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....
rk Saved 0 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. DateActivities Jan. 1 Beginning inventory 210 unitse $13.50 $2, 835 Units sold at Retail 160 units $22.50 180 units $22.50 Units Acquired at Cost Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 150 unitse $12.501,875 320 unitse $12.003,840 680 units Totals $8,550340 units The Company uses a perpetual...
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 220 units $14.50 - $3,190 Units sold at Retail 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 unitse $13.00 - 730 units 4,420 $9,905 370 units The Company...
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 220 units@ $14.50 = $3,190 Jan. 10 Sales 170 units @ $23.50 Jan. 20 Purchase 170 units@ $13.50 = 2,295 Jan. 25 Sales 200 units @ $23.50 Jan. 30 Purchase 340 units@ $13.00 = 4,420 Totals 730 units $9,905 370 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 Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 220 units@ $14.50 = $3,190 Jan. 10 Sales 170 units $23.50 Jan. 20 Purchase 170 units@ $13.50 = 2,295 Jan. 25 Sales 200 units @ $23.50 Jan. 30 Purchase 340 units@ $13.00 = 4,420 Totals 730 units $9,905 370 units 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. Date Activities Beginning Jan. 1 inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals Units Acquired at Cost Units sold at Retail 220 units@ $14.50 = $ 3,190 170 units@ $23.50 170 units@ $13.50 = 2,295 200 units @ $23.50 370 units@ $13.00 = 4,810 760 units $10,295 370 units...
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 200 units @ $ 12.50 = $ 2,500 Jan. 10 Sales 160 units @ $ 21.50 Jan. 20 Purchase 130 units @ $ 11.50 = 1,495 Jan. 25 Sales 140 units @ $ 21.50 Jan. 30 Purchase 300 units @ $ 11.00 = 3,300 Totals 630 units $ 7,295 300 units The...
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...
MUS UNUS Homework 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 1 Activities Betinine nentory (8 0430:30 Units Aquired at Costunits sold 215 units $14.00 $3,010 165 unitse 100 units $13.aa- 2.10 199 units 355 Its $12.00 28 Purchase $23.03 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 375 units, where 355 are from the...