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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 195 units @ $ 12.00 = Units sold at Retail $2,340 January 10 Sales 155 units $ 21.00 January 20 Purchase January 25 Sales January 30 Purchase Totals 120 units $ 11.00 = 290 units @ $ 10.50 = 605 units 1,320 135 units e $ 21.00 3,045 $ 6,705 290 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 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, and (d) LIFO.
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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory. Date January 1 Activities Beginning inventory Units Acquired at Cost 195 units @ $ 12.00 = Units sold at Retail $2,340 January 10 Sales 155 units $ 21.00 January 20 Purchase January 25 Sales January 30 Purchase Totals 120 units $ 11.00 = 290 units @ $ 10.50 = 605 units 1,320 135 units e $ 21.00 3,045 $ 6,705 290 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 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, and (d) LIFO.
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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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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units
from beginning inventory.
Date
January 1
January 10
Activities
Beginning inventory
Sales
January 20
January 25
January 30
Purchase
Sales
Units Acquired at Cost
195 units @ $ 12.00 =
120 units $ 11.00 =
Units sold at Retail
$ 2,340
155 units @
$ 21.00
1,320
135 units
@
$ 21.00
Purchase
Totals
290 units @ $ 10.50 =
605 units
3,045
$ 6,705
290 units
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units from the January 30
purchase, 5 units from the January 20 purchase, and 20 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, and (d) LIFO.
Complete this question by entering your answers in the tabs below.
Specific Id
Weighted
Average
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending invent
January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97d38b17-036a-43dc-9e77-1a64dbc148c7%2Ff13d7c03-f5cb-43c3-b5d5-9c7be29a7983%2Fbwkpeqk_processed.png&w=3840&q=75)
Transcribed Image Text:i
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 290 units from the January 30 purchase, 5 units from the January 20 purchase, and 20 units
from beginning inventory.
Date
January 1
January 10
Activities
Beginning inventory
Sales
January 20
January 25
January 30
Purchase
Sales
Units Acquired at Cost
195 units @ $ 12.00 =
120 units $ 11.00 =
Units sold at Retail
$ 2,340
155 units @
$ 21.00
1,320
135 units
@
$ 21.00
Purchase
Totals
290 units @ $ 10.50 =
605 units
3,045
$ 6,705
290 units
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units from the January 30
purchase, 5 units from the January 20 purchase, and 20 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, and (d) LIFO.
Complete this question by entering your answers in the tabs below.
Specific Id
Weighted
Average
FIFO
LIFO
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending invent
January 30 purchase, 5 units from the January 20 purchase, and 20 units from beginning inventory.
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