Question

The following information applies to the questions displayed below Laker Company reported the following January purchases and sales data for its only product Date Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan, 3e Purchase Activities Units Acquired at Cost 28e units $12.e $2,580 13e units e s11.e 1.495 Units sold at Retail 160 units e s21.se 140 units e $21.se e units s11.e Ee 639 units Totals 7,295300 units The Company uses a perpetual inventory system. For specific identifica 300 are from the January 30 purchase. 5 are from the January 20 purchase, and 25 are from beginning Inventory ion, ending inventory consists of 330 units, where 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 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO Complete this questions by entering your answers in the below tabs.

Answer 1

	Answer =
	CALCULATION OF COST OF ENDING INVENTORY AND COST OF GOODS SOLD UNDER FIFO METHOD
			PURCHASES			COST OF GOODS SOLD			CLOSING BALANCE
	Date	Particulars	Units (A)	Rate Per unit	Total Cost	Units (A)	Rate Per unit	Total Cost	Units (A)	Rate Per unit	Total Cost
	Jan 01	Beginning inventory							200	$         12.50	$   2,500.00
	Jan, 10	Sales				160	$             12.50	$     2,000.00	40	$         12.50	$      500.00
	Jan, 20	Purchases	130	$          11.50	$            1,495.00				40	$         12.50	$      500.00
									130	$         11.50	$   1,495.00
	Jan, 25	Sales				40	$             12.50	$         500.00
						100	$             11.50	$     1,150.00	30	$         11.50	$      345.00
	Jan, 30	Purchases	300	$11	$            3,300.00				30	$         11.50	$      345.00
									300	$11	$   3,300.00
					Total	300		3650	330		3645
			Unit	Amoun
		COGS as per FIFO Method	300	$3,650.00
		Closing Balance as per FIFO	330	3645
	CALCULATION OF COST OF ENDING INVENTORY AND COST OF GOODS SOLD UNDER LIFO METHOD
			PURHASES			COST OF GOODS SOLD			CLOSING BALANCE
	Date	Particulars	Units (A)	Rate Per unit	Total Cost	Units (A)	Rate Per unit	Total Cost	Units (A)	Rate Per unit	Total Cost
	Jan 01	Beginning inventory							200	$         12.50	$   2,500.00
	Jan, 10	Sales				160	$             12.50	$     2,000.00	40	$         12.50	$      500.00
	Jan, 20	Purchases	130	$          11.50	$            1,495.00				40	$         12.50	$      500.00
									130	$         11.50	$   1,495.00
	Jan, 25	Sales				130	$             11.50	$     1,495.00
						10	$             12.50	$         125.00	30	$         12.50	$      375.00
	Jan, 30	Purchases	300	$11	$            3,300.00				30	$         12.50	$      375.00
									300	$11	$   3,300.00
					Total	300	0	3620	330		3675
			Unit	Amoun
		COGS as per LIFO Method	300	$    3,620.00
		Closing Balance as per LIFO	330	$    3,675.00
	CALCULATION OF THE CLOSING STOCK AND COSGS AS PER AVERAGE COST METHOD
			Units (A)	Rate Per unit	Total Cost
	Jan 01	Beginning inventory	200	$          12.50	$            2,500.00
	Jan, 20	Purchases	130	$          11.50	$            1,495.00
	Jan, 30	Purchases	300	$11	$            3,300.00
		Goods Available for sales	630		$            7,295.00
		Average Cost Per unit =	$                11.58
		Cost of Goods Sold	$              300.00	$          11.58	$            3,473.81
		Clsoing Stock	$              330.00	$          11.58	$            3,821.19
	CALCULATION OF THE CLOSING STOCK AND COSGS AS PER SPECIFIC IDENTIFICATION
			Units (A)	Rate Per unit	Total Cost
	Jan 01	Beginning inventory	200	$          12.50	$            2,500.00
	Jan, 20	Purchases	130	$          11.50	$            1,495.00
	Jan, 30	Purchases	300	$11	$            3,300.00
		Total	630		$            7,295.00
		Closing Stock =
	Jan, 30	Purchases	300	$11	$            3,300.00
	Jan, 20	Purchases	5	$          11.50	$                  57.50
	Jan 01	Beginning inventory	25	$          12.50	$               312.50
			330		$            3,670.00
		Cost of Goods Sold =
	Jan, 20	From Purchases	125	$          11.50	$            1,437.50
	Jan 01	From Beginning inventory	175	$          12.50	$            2,187.50
			300		$            3,625.00
			FIFO	LIFO	Average Cost	Specific Identification
		Ending inventory	$3,645.00	$3,675.00	$3,821.19	$             3,670.00
		Cost OF Goods Sold	$3,650.00	$3,620.00	$3,473.81	$             3,625.00