Cost Allocation and Lower-of-Cost-or-Market Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows:     Units Unit Price Total Cost January 1, 20-- Beginning inventory 1,100 $ 8.00      $ 8,800     March 5 1st purchase 900   9.00        8,100     April 16 2nd purchase 400   9.50        3,800     June 3 3rd purchase 700   10.25        7,175     August 18 4th purchase 600   11.00        6,600     September 13 5th purchase 800   12.00        9,600     November 14 6th purchase 400   14.00        5,600     December 3 7th purchase 500   14.05        7,025         5,400     $ 56,700       There are 1,000 units of inventory on hand on December 31. Required: For the weighted-average method, round calculations to two decimal places. Round all final answers to the nearest dollar. 1.  Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:   Cost of Goods Sold Cost of Ending Inventory a.  FIFO $ $ b.  LIFO $ $ c.  Weighted-average $ $ 2.  Assume that the market price per unit (cost to replace) of Douglas's inventory on December 31 was $13. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: a.  FIFO lower-of-cost-or-market $ b.  Weighted-average lower-of-cost-or-market $ 3.  Prepare required entries to apply: a.  FIFO lower-of-cost-or-market   b.  Weighted-average lower-of-cost-or-market   If no entry is required, select "No entry required" and leave the amount boxes blank or enter "0".     Description Debit Credit a.                     b.

Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Weighted Average Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = FIFO 140 units Complete this question by entering your answers in the tabs below. LIFO 60 units 180 units 380 units $ 840 300 810 $ 1,950 Units sold at Retail The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 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,…

The inventory records of TC show the following purchases:Month        Units        CostJanuary    15,000    190,500February    20,000    240,000March        12,500    165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000        b. 225,000        c. 280,500        d. 285,000

i 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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 Activities Beginning inventory Sales January 20 January 25 January 30 Purchase Sales Units Acquired at Cost 195 units @ $ 12.00 = 120 units $ 11.00 = Units sold at Retail $ 2,340 155 units @ $ 21.00 1,320 135 units @ $ 21.00 Purchase Totals 290 units @ $ 10.50 = 605 units 3,045 $ 6,705 290 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…

Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales LIFO Beginning Inventory Purchases: Units 6,000 7,000 13,000 January 10 January 18 Units 10,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit Purchases Unit Cost* $7 8 7,000 $ 6.00 6,000 $ 7.00 7,000 $ 8.00 20,000 $ $ 42,000 Total Cost $ 42,000 56,000 $ 98,000 42,000 56,000 140,000 Cost of Goods Sold - Periodic LIFO Cost of Goods Sold Number of units sold Cost per…

Use the following information for questions 17-19 Maxwell Inc. uses the periodic inventory system. During its first year of operations, Maxwell made the following purchases, listed in chronological order of acquisition: 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units. 17. Ending inventory using the average cost method (rounded) is: A. $650 B. $1,000 C. $707 D. $600

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. t 3 of 3 Date January 1 Activities January 10 January 20 kipped January 25 January 30 Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 175 units @ $ 10.00 = 130 units @ 275 units @ 580 units Units sold at Retail $ 1,750 135 units @ $ 19.00 $ 9.00 = 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units eBook Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered. View transaction list View journal entry worksheet No 1 Date January 10 General Journal Accounts receivable Sales 2 January 10 Cost of goods sold…