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 January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 230 units @ $ 15.50 = $14.50 = 190 units @ 400 units 820 units $ 14.00 = $ 3,565 2,755 5,600 $ 11,920 Units sold at Retail. 180 units 220 units 400 units @ @ $ 24.50 $ 24.50 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.

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 January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 230 units @ $ 15.50 = $14.50 = 190 units @ 400 units 820 units $ 14.00 = $ 3,565 2,755 5,600 $ 11,920 Units sold at Retail. 180 units 220 units 400 units @ @ $ 24.50 $ 24.50 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.

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Description: min.2 es!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 400

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for 90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
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 $ 8.00 165 units 110 units 10 250 units e 525 units 3.7.50 $ 1,485 880 1,875 $4,240 Units sold at Retail 125 units 125 units 250 units @ e $18.00 $18.00 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual 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.] Hemming Co. reported the following current-year purchases and sales for its only product. Activities Units Acquired at Cost 3e0 units e $14.00 - $ 4,200 Date Units Sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 250 units e s44.00 Mar.14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 520 units e $19.00 - 9,88e 468 units e $44.80 see units e $24.00 12, 800 488 units e $44.00 200 units e $29.e0 5,800 Totals 1,520 units $31,880 1,198 units Required: Hemming uses a periodic inventory system. (e) Determine the costs essigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs ossigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method. a) Perlodic FIFO Cost of Goode Avallable for Sale Cost of Goode sold Ending Inventory Cost of Goode # of unite Cost per unit # of unite Cost per sold Cost of…
! 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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 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 175 units @ $ 10.00 = 130 units @ $ 9.00 = 275 units @ $ 7.00 = 580 units Units sold at Retail $ 1,750 135 units $ 19.00 1,170 140 units $ 19.00 1,925 $ 4,845 275 units Assume the perpetual inventory system is used. Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead…
! 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 340 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 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 210 units @ $13.50 = $12.50 = 340 units @ $ 12.00 = 700 units 150 units @ $ 2,835 1,875 4,080 $ 8,790 Units sold at Retail $ 22.50 160 units @ @ $ 22.50 180 units 340 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual 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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 Activities Beginning inventory 175 units @ Units Acquired at Cost $ 10.00 = Units sold at Retail $ 1,750 January 10 January 20 January 25 January 30 Sales Purchase Sales 135 units $ 19.00 130 units @ $ 9.00 = Purchase Totals 275 units @ 580 units $ 7.00 = 1,170 1,925 140 units $ 19.00 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…
[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 Activities Beginning inventory Sales March 14 March 15 July 30 October 5 October 26 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 205 units @ $10.20 $ 2,091 160 units @ $40.. 300 units @ $15.20 = 4,560 250 units @ $40.. 400 units @ $20.20 = 8,080 375 units @ $40.. 105 units 1,010 units @ $25.20 2,646 $ 17,377 785 units mming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 ts from the July 30 purchase, and all 105 units from the October 26 purchase. Using the specific identification thod, calculate the following. Cost of Goods Sold using Specific Identification te Activity nuary 1 Beginning Inventory irch 14 Purchase ly 30 Purchase :tober 26 Purchase Available for Sale Cost of Goods Sold Ending # of…
! 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 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 130 units @ 275 units @ 580 units Units Acquired at Cost 175 units @ $ 10.00 = $ 9.00 = Units sold at Retail $ 1,750 135 units @ $ 19.00 1,170 140 units $ 19.00 $ 7.00 = 1,925 $ 4,845 275 units The Company uses a periodic inventory system. For specific identification, ending inventory consists of 275 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific…
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 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 Activities Beginning inventory Sales Purchase Sales January 30 Purchase Totals Units Acquired at Cost 225 units @$ 15.00 = 180 units @ $ 14.00 = 385 units @ $ 12.00 = 790 units Units sold at Retail $ 3,375 2,520 4,620 $ 10,515 175 units 210 units 0 $ 24.00 $ 24.00 385 units Assume the perpetual inventory system is used. 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…
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 Activities January 1 January 10 Beginning inventory Sales March 14 March 15 July 30 October 5 Purchase Sales Purchase Sales Purchase October 26 Totals 235 units Units Acquired at Cost $11.40= Units Sold at Retail $ 2,679 170 units @ $41.40 360 units @ $16.40 = 5,984 290 units @ $41.40 435 units @$21.40 9,309 410 units @ $41.40 135 units 1,165 units @$26.40 3,564 $ 21,456 870 units Required: Hemming uses a perpetual inventory system. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to…
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 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales. Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Units Acquired at Cost @ $6.00 = @ Req 1 140 units 60 units Req 2 to 4 180 units 380 units @ $5.00 = $ 4.50 = Complete this question by entering your answers in the tabs below. $ 840 300 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were rising instead of falling, which method would yield the highest gross profit? 810 $ 1,950 1. Compute gross profit for the month of January for Laker Company for the four…