Date Activities Mar. 1 Mar. 10 Mar. 20 Mar. 24 Mar. 30 Purchase Beginning inventory 200 units @ $6.00 300 units @ $7.00 100 units @ $8.00 Take2 Company uses a perpetual inventory system. Sales Purchase Sales Units purchased at cost Units sold at retail 120 units @ $12.00 210 units @ $15.00 (a) Determine the cost assigned to ending inventory and to the cost of goods sold using: (1) FIFO. (Provide calculation for cost assigned for ending inventory & total COGS) (ii) (iii) Weighted average cost. (Provide calculation for cost assigned for ending inventory & total COGS) Specific identification if the ending inventory consists of 90 units from March 30 purchase, 100 units from March 20 purchase and the balance from beginning inventory. (Provide calculation for cost assigned for ending inventory & total COGS) Workings must show the inventory movements and balance for each transaction. Round per unit cost to three decimal points and total cost to the nearest $ for the weighted average method.

Date Activities Mar. 1 Mar. 10 Mar. 20 Mar. 24 Mar. 30 Purchase Beginning inventory 200 units @ $6.00 300 units @ $7.00 100 units @ $8.00 Take2 Company uses a perpetual inventory system. Sales Purchase Sales Units purchased at cost Units sold at retail 120 units @ $12.00 210 units @ $15.00 (a) Determine the cost assigned to ending inventory and to the cost of goods sold using: (1) FIFO. (Provide calculation for cost assigned for ending inventory & total COGS) (ii) (iii) Weighted average cost. (Provide calculation for cost assigned for ending inventory & total COGS) Specific identification if the ending inventory consists of 90 units from March 30 purchase, 100 units from March 20 purchase and the balance from beginning inventory. (Provide calculation for cost assigned for ending inventory & total COGS) Workings must show the inventory movements and balance for each transaction. Round per unit cost to three decimal points and total cost to the nearest $ for the weighted average method.

Name: Date ActivitiesMar. 1Mar. 10Mar. 20Mar. 24Mar. 30 PurchaseBeginning i
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Description: Date ActivitiesMar. 1Mar. 10Mar. 20Mar. 24Mar. 30 PurchaseBeginning inventory 200 units @ $6.00SalesPurchase300 units @ $7.00Sales100 units @ $8.00Take2 Company uses a perpetual inventory system.(a) Determine the cost assigned to ending inventory an

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…