Question

Chapter 05 Homework i Saved Required information The following information applies to the questions displayed below.] Part 1 of 2 Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail points Units Acquired at Cost 145 units @ $7.00 = $1,015 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 70 units @ $6.00 = 420 105 units @ 85 units @ $16.00 $16.00 $5.50 = 190 units @ 405 units eBook 1,045 $2,480 190 units Hint The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Print References Required: 1. Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. 2. Determine the costs assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 4. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the table to determine the costs assigned to ending inventory and to cost of goods sold using specific identification. Specific Identification Available for Sale Cost of Goods Sold Ending Ending Inventory Ending Inventory Inventory. Unit Inventory- Units Cost Cost Per Purchase Date Activity Unit Cost Units Units Sold Unit Cost COGS 145 Jan. 1 Jan. 20 Jan. 30 Beginning inventory Purchase Purchase 70 190 405 Required 1 Required 2 >

Answer 1

1		Cost of goods available for sale			Cost of goods sold			Ending Inventory
	Specific Identification	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
	Jan-01	145	$       7.00	$    1,015	125	$         7.00	$           875	20	$       7.00	$        140
	Jan-20	70	$       6.00	$        420	65	$         6.00	$           390	5	$       6.00	$          30
	Jan-30	190	$       5.50	$    1,045	-	$         5.50	$              -	190	$       5.50	$    1,045
	Total	405		$    2,480	190		$       1,265	215		$    1,215
2		Cost of goods available for sale			Cost of goods sold			Ending Inventory
	Weighted - Average	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
	Jan-01							145	$       7.00	$    1,015
	Jan-10				105	$         7.00	$           735	40	$       7.00	$        280
	Jan-20	70	$       6.00	$        420				40	$       7.00	$        280
								70	$       6.00	$        420
								110	$       6.36	700
	Jan-25				85	$         6.36	$           541	25	$       6.36	$        159
	Jan-30	190	$       5.50	$    1,045				25	$       6.36	$        159
								190	$       5.50	$    1,045
	Total	260		$    1,465	190		$       1,276	215	$       5.60	$    1,204
3		Cost of goods available for sale			Cost of goods sold			Ending Inventory
	FIFO	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
	Jan-01							145	$       7.00	$    1,015
	Jan-10				105	$         7.00	$           735	40	$       7.00	$        280
	Jan-20	70	$       6.00	$        420				40	$       7.00	$        280
								70	$       6.00	$        420
	Jan-25				40	$         7.00	$           280	25	$       6.00	$        150
					45	$         5.50	$           248
	Jan-30	190	$       5.50	$    1,045				25	$       6.00	$        150
								190	$       5.50	$    1,045
	Total	260		$    1,465	190		$       1,263	215		$    1,195
4		Cost of goods available for sale			Cost of goods sold			Ending Inventory
	LIFO	# of units    (A)	Cost per unit	Cost of goods available for sale	# of units sold               (B)	Cost per unit	Cost of goods sold	# of units in ending inventory	Cost per unit	Ending Inventory
	Jan-01							145	$       7.00	$    1,015
	Jan-10				105	$         7.00	$           735	40	$       7.00	$        280
	Jan-20	70	$       6.00	$        420				40	$       7.00	$        280
								70	$       6.00	$        420
	Jan-25				70	$         6.00	$           420	25	$       7.00	$        175
					15	$         7.00	$           105
	Jan-30	190	$       5.50	$    1,045				25	$       7.00	$        175
								190	$       5.50	$    1,045
	Total	260		$    1,465	190		$       1,260	215		$    1,220