Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 250 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost $ 9.00 = $ 8.00 = $ 7.50 = 165 units @ 110 units @ 250 units @ 525 units $ 1,485 880 1,875 $ 4,240 Units sold at Retail 125 units 125 units 250 units $ 18.00 $ 18.00

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…

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…

intorn tion [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 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 Units Acquired at Cost @ $ 14.00 = @ @ 215 units 160 units 355 units 730 units $ 13.00 = $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? 165 units 190 units 355 units 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields…

[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 270 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 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Identification Purchase Date January 1 January 20 January 30 Complete this question by entering your answers in the tabs below. FIFO Activity Units Acquired at Cost 180 units @ $10.50 = LIFO Available for Sale Beginning inventory Purchase Purchase 110 units 270 units @ 560 units # of units 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…

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,…

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 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Sales Cost of goods sold Gross profit LAKER COMPANY For Month Ended January 31 Weighted Average Units Acquired at Cost $ 7.50 = Specific Identification 150 units @ 80 units 0 $ 0 $ 200 units 430 units @ @ 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? FIFO $ 6.50 = Compute gross profit for the month of January for Laker…

The following information applies to the questions displayed below; Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 1 Beginning inventory January 10 Sales March 14 Purchase March 15 Sales- July 30 Purchase October S October 26 Sales Purchase Totals 275 units 450 units 475 units Units Acquired at Cost $13.00- $18.00 $23.00- Units Sold at Retail $3,575 230 units $43.00 8,100 10,925 408 units 455 units $43.00 $43.00 175 units 1,375 units @$28.90 4,900 $ 27,500 1,885 units 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 profit for each method. a) Periodic FIFO Beginning inventory Purchases March 14 July 30 October 28 Total b) Periodio LIFO Beginning inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold…

Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning inventory (January 1) Purchase (January 11) Purchase (January 20) Total Quantity 23 26 37 86 Unit Cost $ 25 $31 $ 33 Total Cost $ 575 806 1,221 $ 2,602 On January 14, Beech Soda, Incorporated sold 39 units of this product. The other 47 units remained in inventory at January 31. Assuming that Beech Soda uses the LIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 190 units @ $10 = $1,900 May 5 Purchase 260 units @ $12 = $3,120 May 10 Sales 180 units @ $20 May 15 Purchase 140 units @ $13 = $1,820 May 24 Sales 130 units @ $21 $3,500 $3,340 $3,370 $3,110 $3,380