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Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 180 units@ $10.50 = $1,890 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 140 units @ $19.50 Jan. 20 Purchase 110 units@ $ 9.50 = 1,045 Jan. 25 Sales 130 units @ $19.50 Jan. 30 Purchase 260 units@ $ 9.00 = 2,340 Totals 550 units $5,275 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 180 units@ $10.50 = $1,890 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 140 units @ $19.50 Jan. 20 Purchase 110 units@ $ 9.50 = 1,045 Jan. 25 Sales 130 units @ $19.50 Jan. 30 Purchase 260 units@ $ 9.00 = 2,340 Totals 550 units $5,275 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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Complete the chart using weighted average method cost

Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 180 units@ $10.50 Date Units sold at Retail Jan. 1 Beginning inventory $1,890 Jan. 10 Sales 140 units @ $19.50 Jan. 20 Purchase 110 units @ $ 9.50 1,045 Jan. 25 Sales 130 units @ $19.50 Jan. 30 Purchase 260 units @ $ 9.00 = 2,340 Totals 550 units $5,275 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Transcribed Image Text:Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 180 units@ $10.50 Date Units sold at Retail Jan. 1 Beginning inventory $1,890 Jan. 10 Sales 140 units @ $19.50 Jan. 20 Purchase 110 units @ $ 9.50 1,045 Jan. 25 Sales 130 units @ $19.50 Jan. 30 Purchase 260 units @ $ 9.00 = 2,340 Totals 550 units $5,275 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 280 units, where 260 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.
Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per unit # of Cost per Cost per Cost of Goods Inventory Balance Date units # of units units unit unit Sold sold January 1 180 @ $ 10.50 $ 1,890.00 January 10 January 20 Average cost January 25 January 30 Totals
Transcribed Image Text:Weighted Average - Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance # of Cost per unit # of Cost per Cost per Cost of Goods Inventory Balance Date units # of units units unit unit Sold sold January 1 180 @ $ 10.50 $ 1,890.00 January 10 January 20 Average cost January 25 January 30 Totals
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