Question

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 inventory system. For specific identification, ending inventory consists o where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beg inventory. Required: 1. Complete the table to determine the cost assi 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average gned to ending inventory and cost of goods sold using specific 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 questions by entering your answers in the below tabs. Prev 1 2 of 18 Next>

Answer 1

1. Specific Identification Method: Available for Sale Cost of Goods Sold Ending Inventory Cost of Ending Ending Goods Sold Inventory Cost per Inventory Purchase Datl Activitv Units Unit Cost (S) Units Sold Units Cost (S) (COGS) (S) Units Unit (S) Cost (S) 13.5 12.5 210 13.5 12.5 12 195 145 2632.5 1812.5 13.5 12.5 12 15 202.5 62.5 3840 4105 Invento an Jan. 20 Jan. 30 Purchases Purchases Totals 320 340 320 340 4445

2. Weighted Average Method: ds purchased Cost of Goods Sold Inventorv Balance Cost per |#of Unit Units Cost per |Sold (S) Cost of Goods Inventor Cost per Balance Date # of Units l (S) | solo unit (S) | COGS | # of Units unit (S) 210 | (S) an Jan. 10 Jan. 20 13.5 13.5 13.52835 675 675 160 13.5 2160 50 150 150 12.5 12.51875 200 12.75 2550 255 255 123840 4095 Average Cost Jan. 25 Jan. 30 20 12.75 20 12.75 18012.752295 32012 320 340 Totals 340 4455

3. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventorv Balance Cost of Goods Inventoir Cost per 13.5 12.5 Cost per Sold (S) Cost per Balance Date | # of units l unit (S) 210 | # of units l unit (S) COGS |# of units | unit (S) 210 50 50 | (S) an Jan. 10 Jan. 20 13.52835 675 675 1875 160 13.5 2160 13.5 13.5 12.5 150 50 130 Jan. 25 13.5 675 12.5 1625 20 320 340 250 12 3840 4090 12.5 Jan. 30 Totals 320 12 340 4460

4. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventorv Balance Cost of Goods Inventoir Cost per 13.5 12.5 Cost per Sold (S) Cost per Balance Date |# of units l unit (S) 210 |# of units l unit (S) COGS of units l unit (S) |(S) 210 50 50 13.52835 675 675 1875 270 250 270 12 3840 4110 an Jan. 10 Jan. 20 160 13.5 2160 13.5 13.5 12.5 13.5 12.5 13.5 150 150 30 12.5 1875 13.5 20 20 20 320 340 Jan. 25 405 Jan. 30 320 12 Totals 340 4440