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

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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Description: 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 f

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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[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.
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
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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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