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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. Units sold at Activities Units Acquired at Cost 140 units $6.00 = $ Retail Date 1 Beginning inventory 840 Jan 100 units @ $ 15 Jan. 10 Sales 60 units @ $5.00 = 300 Jan. 20 Purchase 80 units @ $ 15 Jan. 25 Sales 180 units @ 810 $4.50 Jan. 30 Purchase 380 units $1,950 180 units Totals Required: The Company uses a periodic 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. 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 Weighted Average Specific Id LIFO FIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods#of units # of units #of units Cost per unit Cost per Cost of Goods Sold Ending per unit Inventory Cost in ending Available for sold unit Sale inventory 6.00 $ Beginning inventory 140 $ $ 6.00 140 840 840 Purchases: 5.00 Jan. 20 60 5.00 300 60 300 4.50 Jan. 30 180 810 180 810 4.50 380 $ 1,110 1,950 840 240 Total 140 $ $ Weighted Average LIFO EA

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. Units sold at Activities Units Acquired at Cost 140 units $6.00 = $ Retail Date 1 Beginning inventory 840 Jan 100 units @ $ 15 Jan. 10 Sales 60 units @ $5.00 = 300 Jan. 20 Purchase 80 units @ $ 15 Jan. 25 Sales 180 units @ 810 $4.50 Jan. 30 Purchase 380 units $1,950 180 units Totals Required: The Company uses a periodic 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. 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 Weighted Average Specific Id LIFO FIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods#of units # of units #of units Cost per unit Cost per Cost of Goods Sold Ending per unit Inventory Cost in ending Available for sold unit Sale inventory 6.00 $ Beginning inventory 140 $ $ 6.00 140 840 840 Purchases: 5.00 Jan. 20 60 5.00 300 60 300 4.50 Jan. 30 180 810 180 810 4.50 380 $ 1,110 1,950 840 240 Total 140 $ $ Weighted Average LIFO EA

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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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. Units sold at Activities Units Acquired at Cost 140 units $6.00 = $ Retail Date 1 Beginning inventory 840 Jan 100 units @ $ 15 Jan. 10 Sales 60 units @ $5.00 = 300 Jan. 20 Purchase 80 units @ $ 15 Jan. 25 Sales 180 units @ 810 $4.50 Jan. 30 Purchase 380 units $1,950 180 units Totals Required: The Company uses a periodic 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. 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
Transcribed Image Text: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. Units sold at Activities Units Acquired at Cost 140 units $6.00 = $ Retail Date 1 Beginning inventory 840 Jan 100 units @ $ 15 Jan. 10 Sales 60 units @ $5.00 = 300 Jan. 20 Purchase 80 units @ $ 15 Jan. 25 Sales 180 units @ 810 $4.50 Jan. 30 Purchase 380 units $1,950 180 units Totals Required: The Company uses a periodic 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. 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
Weighted Average Specific Id LIFO FIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods#of units # of units #of units Cost per unit Cost per Cost of Goods Sold Ending per unit Inventory Cost in ending Available for sold unit Sale inventory 6.00 $ Beginning inventory 140 $ $ 6.00 140 840 840 Purchases: 5.00 Jan. 20 60 5.00 300 60 300 4.50 Jan. 30 180 810 180 810 4.50 380 $ 1,110 1,950 840 240 Total 140 $ $ Weighted Average LIFO EA
Transcribed Image Text:Weighted Average Specific Id LIFO FIFO Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. c) FIFO Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Cost of Goods#of units # of units #of units Cost per unit Cost per Cost of Goods Sold Ending per unit Inventory Cost in ending Available for sold unit Sale inventory 6.00 $ Beginning inventory 140 $ $ 6.00 140 840 840 Purchases: 5.00 Jan. 20 60 5.00 300 60 300 4.50 Jan. 30 180 810 180 810 4.50 380 $ 1,110 1,950 840 240 Total 140 $ $ Weighted Average LIFO EA
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