Question

Laker Company reported the following January purchases and sakes data for its only product

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. old at Retail Units Acquired at Cost 165 units@ $9.00 - $1,485 125 units $18.00 - Activities Jan 1 Beginning inventory Jan 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units $8.00 125 units $18.00 $2.50 230 units Sos unit 1 ,725 54, 250 unit The Company uses a perpetual Inventory system. For Speditic identification, ending Inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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. Complete this question by entering your answers in the tabs below.

Answer 1

Ending inventory and cost of goods sold as per specific identification are as follows

Date : Exp. No. : Page No.: 45 Calculation of Date Units Ending Inventory Cost P.U. Total C$ CB 180 Cast 20 Jan 1 Jan 205 Tan 30 2.30 1725 1945 Cost of goods sold - Crst of goods arailable for sale 165 mite x 8 9 = $ 1485 110 mits X 8 8 8 880 235 units x 9 7.5 = $ 1725 East of goods Gold & 4090 A less' Eneling Cost I mentory = 9 1945 of goats sold a $ 2145

Ending inventory and cost of goods sold by weighed average method

Page No. : Date : Exp. No. : Date Weighted Average Method Purchase Unit Coste Total Cret C 165 230 Weighted Ave. Cost per Chit - 4090 = $ 8.10 * & closing Inventary = 505- 250 - 255 x 8.10/=$2066.5 & Cost of gode sold a beg. Inr, & purchase - Eng. In 165+10 +230 - 255 = 250 x $ 8.10

Ending inventory and cost of goods sold by FIFO Method

Page No.: 44 Exp. No.: FIFO Method. Particula Date Cart totel Coret C$) C Jan. I Beg. Inventory sales purchase 165 125 1125 sales 360 30 purchave 230 31 Ending lamentary Total cleeing TH OF 230 255 1725 1925 Cast of goods sold = 1485 +880 + 1725 - 192 =$ 2165

Ending inventory and cost of goods sold by LUFO method

Page No. : Date : Exp. No. : I LIFO Method Date Particular With Unit Cost Total lost cso & 1485 Jan I Beg. Innentary 165 125 9 9 1125 10 sales 20 purchase sales 15 135 purchase 230 7.5 te 1725 Enel. Inventory 230 75 1725 Total Inve. 1950 * Cost of goods sold = 1485+880f 1725-1950 = $ 2140