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 = 150 units @ $ 12.50 = 340 units @ 700 units $ 12.00- $ 2,835 1,875 4,080 $ 8,790 Units sold at Retail @ 160 units 180 units 340 units $ 22.50 $ 22.50
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 = 150 units @ $ 12.50 = 340 units @ 700 units $ 12.00- $ 2,835 1,875 4,080 $ 8,790 Units sold at Retail @ 160 units 180 units 340 units $ 22.50 $ 22.50
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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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how do i calculate the weighted average of cost of goods sold
Transcribed Image Text:Sales
Cost of goods sold
Gross profit
LAKER COMPANY
For Month Ended January 31
Weighted Average
Specific Identification
$
$
7,650 $
4,446
3,204 $
7,650 $
7,650
$
FIFO
7,650 $
4,460
3,190
$
LIFO
7,650
4,080
3,570
Transcribed Image Text: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
$13.50 =
210 units @
150 units @
340 units @
700 units
$ 12.50 =
$ 12.00 =
$ 2,835
1,875
4,080
$8,790
Units sold at Retail
@
160 units
180 units
340 units
$ 22.50
$ 22.50
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