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 150 units @ $ 7.50  = $ 1,125               Jan. 10   Sales                   110 units @ $ 16.50   Jan. 20   Purchase 80 units @ $ 6.50  =   520               Jan. 25   Sales                   90 units @ $ 16.50   Jan. 30   Purchase 200 units @ $ 6.00 =   1,200                     Totals 430 units         $ 2,845   200 units             The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Round cost per unit to 2 decimal places.)

[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…

Hemming Co. reported the following current-year purchases and sales for its only product.     Date Activities Units Acquired at Cost Units Sold at Retail   Jan. 1   Beginning inventory   210 units @ $10.40 = $ 2,184             Jan. 10   Sales                 170 units @ $40.40     Mar. 14   Purchase   310 units @ $15.40 =   4,774             Mar. 15   Sales                 270 units @ $40.40     July 30   Purchase   410 units @ $20.40 =   8,364             Oct. 5   Sales                 380 units @ $40.40     Oct. 26   Purchase   110 units @ $25.40 =   2,794                   Totals   1,040 units     $ 18,116   820 units       Exercise 5-9A Periodic: Inventory costing system LO P3 Required:Hemming uses a periodic inventory system.  (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.(b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.(c) Compute the gross margin for each method.

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 150 units @ $ 7.50  = $ 1,125               Jan. 10   Sales                   110 units @ $ 16.50   Jan. 20   Purchase 80 units @ $ 6.50  =   520               Jan. 25   Sales                   90 units @ $ 16.50   Jan. 30   Purchase 200 units @ $ 6.00 =   1,200                     Totals 430 units         $ 2,845   200 units            The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.   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 ending inventory and to cost of goods sold using…

The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.

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 5-4 Perpetual: Income effects of inventory methods LO A1 Required:1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,300…

1) 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   140 units @ $6.00 = $ 840             Jan. 10   Sales                 100 units @$15     Jan. 20   Purchase   60 units @ $5.00 =   300             Jan. 25   Sales                 80 units @$15     Jan. 30   Purchase   180 units @ $4.50 =   810                                                       Totals   380 units     $ 1,950   180 units                                         Laker uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.   Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,250, and that the…

Required information Skip to question [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 400 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 230 units @ $ 15.50 = $ 3,565 January 10 Sales 180 units @ $ 24.50 January 20 Purchase 190 units @ $ 14.50 = 2,755 January 25 Sales 220 units @ $ 24.50 January 30 Purchase 400 units @ $ 14.00 = 5,600 Totals 820 units $ 11,920 400 units Assume the perpetual inventory system is used. Required: Compute gross profit for the month of January for Laker Company for the four inventory methods. Which method yields the highest gross profit? Does gross profit using weighted average fall between that using FIFO and LIFO? If costs were rising…

Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 580 units @ $40 per unit       February 10 Purchase 420 units @ $38 per unit       March 13 Purchase 180 units @ $25 per unit       March 15 Sales       755 units @ $70 per unit August 21 Purchase 190 units @ $45 per unit       September 5 Purchase 560 units @ $41 per unit       September 10 Sales       750 units @ $70 per unit   Totals 1,930 units   1,505 units

[The following information applies to the questions displayed below.]  Hemming Co. reported the following current-year purchases and sales for its only product.   Date Activities Units Acquired at Cost Units Sold at Retail   Jan. 1   Beginning inventory   195  units  @ $13.80 = $ 2,691             Jan. 10   Sales                 185  units  @ $43.80     Mar. 14   Purchase   345  units  @ $18.80 =   6,486             Mar. 15   Sales                 235  units  @ $43.80     July 30   Purchase   495  units  @ $23.80 =   11,781             Oct. 5   Sales                 205  units  @ $43.80     Oct. 26   Purchase   695  units  @ $28.80 =   20,016                                                       Totals   1,730  units     $ 40,974   625  units                                           Required: Hemming uses a perpetual inventory system.   Compute the gross margin for FIFO method. Sales revenue Less: cost of goods sold Gross Margin…