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 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 3.9.00 165 units 110 units 250 units 9 525 units $ 8.00 - 3.2.50 $1,485 880 1,875 $4,240 Units sold at Retail 125 units @ 125 units 250 units $ 18.00 $ 18.00 ecord journal entries for Laker Company's sales and purchases transactions, Assume for this assignment that the company uses a erpetual inventory system and FIFO All sales and purchases are made on account, and no discounts are offered

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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 Use the following information for the Exercises 3-7 below. (Algo) [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 300 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units. from beginning inventory. Date January 11 January 10 January 201 January 25, January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Exercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1 Assume the perpetual inventory system is used. Required: Complete this question by entering your answers in the tabs below. Purchase Date January 11 FIFO Units Acquired at Cost. 200 units @ $12.50 130 units@ $ 11.50 = 300 units @ $ 11.00 = 630 units 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2.…

Required information Use the following information for the Exercises below. Skip to question   [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   250 units @ $12.00 = $ 3,000             Jan. 10   Sales                 200 units @ $42.00     Mar. 14   Purchase   400 units @ $17.00 =   6,800             Mar. 15   Sales                 360 units @ $42.00     July 30   Purchase   450 units @ $22.00 =   9,900             Oct. 5   Sales                 420 units @ $42.00     Oct. 26   Purchase   150 units @ $27.00 =   4,050                   Totals   1,250 units     $ 23,750   980 units         Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system.  1. Determine the costs assigned to ending…

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…

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Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales LIFO Beginning Inventory Purchases: Units 6,000 7,000 13,000 January 10 January 18 Units 10,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit Purchases Unit Cost* $7 8 7,000 $ 6.00 6,000 $ 7.00 7,000 $ 8.00 20,000 $ $ 42,000 Total Cost $ 42,000 56,000 $ 98,000 42,000 56,000 140,000 Cost of Goods Sold - Periodic LIFO Cost of Goods Sold Number of units sold Cost per…

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