ABEFH2 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system.Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also clickon the Weighted Average, FIFO, and LIFO Tabs below.)3145DateActivitiesUnits Acquired at CostUnitsCostTotal costUnits6per unitUnits Sold at RetailSellingprice perTotal Salesunit7January 01Beginning inventory140$6.00$840008January 10Sales100$15.00$1,5009January 20Purchase60$5.0030010January 25Sales80$15.00$1,20011January 3012PurchaseTotals180$4.50380810$1,950180$2,70013 For specific identification, ending inventory consists of the following units:14Units from beginning inventory15Units from purchase of January 2016Units from purchase of January 301551801718Specific IdentificationCost of Goods SoldEnding InventoryUnits19Units availableCostper unitTotal costUnitsCost perTotal Costunit20140 units from beginning inventory$6.00$6.002160 units purchased on January 20$5.00$5.0022180 units purchased on January 30$4.50$4.5023Totals0$0.000$0.00242526K

Inventory is valued from time to time to be recorded in the books for this valuation several methods…

Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) Date Activities Units Units Acquired at Cost Cost Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 140 $6.00 $840 January 10 January 20 Sales Purchase 100 $15.00 $1,500 60 $5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase Totals 180 $4.50 810 380 $1,950 180 $2,700 For specific identification, ending inventory consists of the following units: Units from beginning inventory Units from purchase of January 20 Units from purchase of January 30 15 5 180

Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) Date Activities Units Units Acquired at Cost Cost Total cost Units per unit Units Sold at Retail Selling price per Total Sales unit January 01 Beginning inventory 140 $6.00 $840 January 10 January 20 Sales Purchase 100 $15.00 $1,500 60 $5.00 300 January 25 Sales 80 $15.00 $1,200 January 30 Purchase Totals 180 $4.50 810 380 $1,950 180 $2,700 For specific identification, ending inventory consists of the following units: Units from beginning inventory Units from purchase of January 20 Units from purchase of January 30 15 5 180

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
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Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?
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