Laker Company reported the following January purchases and sales data for its only product. The Company uses aperpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory.Units sold at RetailUnits Acquired at Cost220 units @ $14.50 =ActivitiesBeginning inventorySalesPurchaseSales170 unitsDateJanuary 1January 10January 20January 25January 30$23.50$ 3,1902,295200 units170 units @$13.50 =@$23.50PurchaseTotals370 units @ $ 13.00 =760 units▸4,810$ 10,295 370 unitsRequired: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 weighted average.3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Name: Laker Company reported the following January purchases and sales data
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Description: Laker Company reported the following January purchases and sales data for its only product. The Company uses aperpetual inventory system. For specific identification, ending inventory consists of 370 units from the January 30purchase, 5 units from t

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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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units sold at Retail January 1 Beginning inventory Units Acquired at Cost 220 units @ $14.50 = $13.50 = January 10 Sales $ 3,190 2,295 170 units $ 23.50 January 20 170 units @ Purchase Sales @ 200 units January 25 @ $23.50 January 30 $ 13.00 = 4,810 Purchase Totals 370 units @ 760 units $ 10,295 370 units 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 weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

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 370 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities Units sold at Retail January 1 Beginning inventory Units Acquired at Cost 220 units @ $14.50 = $13.50 = January 10 Sales $ 3,190 2,295 170 units $ 23.50 January 20 170 units @ Purchase Sales @ 200 units January 25 @ $23.50 January 30 $ 13.00 = 4,810 Purchase Totals 370 units @ 760 units $ 10,295 370 units 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 weighted average. 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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