Homework Help is Here – Start Your Trial Now!
Business
Accounting
! 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. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 130 units @ 275 units @ 580 units Units Acquired at Cost 175 units @ $ 10.00 = $ 9.00 = Units sold at Retail $ 1,750 135 units @ $ 19.00 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (c) LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 275 January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. a) Specific Identification Beginning inventory Purchases January 20 January 30 Total Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory 0 Specific Id Weighted Average >

! 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. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 130 units @ 275 units @ 580 units Units Acquired at Cost 175 units @ $ 10.00 = $ 9.00 = Units sold at Retail $ 1,750 135 units @ $ 19.00 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (c) LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 275 January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. a) Specific Identification Beginning inventory Purchases January 20 January 30 Total Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory 0 Specific Id Weighted Average >

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
See similar textbooks
icon
Related questions
Topic Video
Question
! 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. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 130 units @ 275 units @ 580 units Units Acquired at Cost 175 units @ $ 10.00 = $ 9.00 = Units sold at Retail $ 1,750 135 units @ $ 19.00 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (c) LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 275 January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. a) Specific Identification Beginning inventory Purchases January 20 January 30 Total Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory 0 Specific Id Weighted Average >
Transcribed Image Text:! 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. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 130 units @ 275 units @ 580 units Units Acquired at Cost 175 units @ $ 10.00 = $ 9.00 = Units sold at Retail $ 1,750 135 units @ $ 19.00 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (c) LIFO. Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 275 January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. a) Specific Identification Beginning inventory Purchases January 20 January 30 Total Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Ending Inventory Cost per unit Ending Inventory 0 Specific Id Weighted Average >
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS