Laker Company reported the following January purchases and sales data for its only product. Units sold at Date Activities Units Acquired at Cost Jan. 1 Beginning inventory 140 units @ $6.00 = $ Retail 840 Jan. 10 Sales 100 units @ $5 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 The Company 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.
Laker Company reported the following January purchases and sales data for its only product. Units sold at Date Activities Units Acquired at Cost Jan. 1 Beginning inventory 140 units @ $6.00 = $ Retail 840 Jan. 10 Sales 100 units @ $5 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 The Company 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.
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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I need number 4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Transcribed Image Text:Laker Company reported the following January purchases and sales data for its only product.
Units sold at
Date
Activities
Units Acquired at Cost
Jan. 1 Beginning inventory 140 units @ $6.00 = $
Retail
840
Jan. 10 Sales
100 units @ $5
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
The Company 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.
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