[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 Activities Beginning inventory Units Acquired at Cost 175 units @ $ 10.00 = Units sold at Retail $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales 135 units @ $ 19.00 Purchase Totals 130 units @ 275 units @ 580 units $ 9.00 = 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 chase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending entory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
[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 Activities Beginning inventory Units Acquired at Cost 175 units @ $ 10.00 = Units sold at Retail $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales 135 units @ $ 19.00 Purchase Totals 130 units @ 275 units @ 580 units $ 9.00 = 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 chase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending entory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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
Activities
Beginning inventory
175 units @
Units Acquired at Cost
$ 10.00 =
Units sold at Retail
$ 1,750
January 10
January 20
January 25
January 30
Sales
Purchase
Sales
135 units
$ 19.00
130 units @
$ 9.00 =
Purchase
Totals
275 units @
580 units
$ 7.00 =
1,170
1,925
140 units
$ 19.00
$ 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 (d) LIFO.
Complete this question by entering your answers in the tabs below.
Specific Id
I
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
Ending Inventory
# 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
Cost per
unit
Ending
Inventory
0
< Specific Id
Weighted Average >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe7a0fc77-5ffd-4ccc-ac16-1db2d233b019%2Fa846f502-2151-4ba0-a27b-9c9a05a77a68%2Fvc0b01s_processed.png&w=3840&q=75)
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
Activities
Beginning inventory
175 units @
Units Acquired at Cost
$ 10.00 =
Units sold at Retail
$ 1,750
January 10
January 20
January 25
January 30
Sales
Purchase
Sales
135 units
$ 19.00
130 units @
$ 9.00 =
Purchase
Totals
275 units @
580 units
$ 7.00 =
1,170
1,925
140 units
$ 19.00
$ 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 (d) LIFO.
Complete this question by entering your answers in the tabs below.
Specific Id
I
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
Ending Inventory
# 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
Cost per
unit
Ending
Inventory
0
< Specific Id
Weighted Average >
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
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.Recommended textbooks for you
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![College Accounting, Chapters 1-27](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning