Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Date Transaction Number of Units Per Unit Jan. 1 Beg. Inv. 50 $15 Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions:   Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost

Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 700 units @ $50 per unit       February 10 Purchase 300 units @ $46 per unit       March 13 Purchase 100 units @ $40 per unit       March 15 Sales       780 units @ $70 per unit August 21 Purchase 110 units @ $55 per unit       September 5 Purchase 570 units @ $52 per unit       September 10 Sales       680 units @ $70 per unit   Totals 1,780 units   1,460 units     Required:1. Compute cost of goods available for sale and the number of units available for sale.  2. Compute the number of units in ending inventory   Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 700 units from beginning inventory, 200 from the February…

Laker Company reported the following January purchases and sales data for its only product.   Date   Activities Units Acquired at Cost Units sold at Retail Jan. 1   Beginning inventory 145 units @ $ 7.00  = $ 1,015               Jan. 10   Sales                   105 units @ $ 16.00   Jan. 20   Purchase 70 units @ $ 6.00  =   420               Jan. 25   Sales                   85 units @ $ 16.00   Jan. 30   Purchase 190 units @ $ 5.50 =   1,045                     Totals 405 units         $ 2,480   190 units            The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 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…

[The following Information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for Its only product. Date Activities Units Acquired at Cost 225 units @ $15.e0 = $ 3,375 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 sales 175 units @ $24.00 Jan. 20 Purchase 180 units @ $14.ee - 2,520 Jan. 25 Sales 210 units e $24.00 Jan. 30 Purchase 350 units @ $13.50 = 4,725 Totals 755 units $18,620 385 units The Company uses a perpetual Inventory system. For specific lidentification, ending Inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory. Requlred: 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 ending Inventory and to cost of goods sold using welghted average. 3. Determine the cost assigned to ending Inventory and to…