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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 FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units in ending Cost of Goods #of units Cost per unit # of units Cost per unit Ending Inventory Cost of Cost Available for inventory per unit 15 6.00 $ Goods Sold sold Sale Beginning inventory 6.00 $ 140 840 90 Purchases: 5 5.00 55$ Jan. 20 60 5.00 300 5.00 275 25 $ 4.50 Jan. 30 180 4.50 810 180 810 $ $ $ Total 380 1,950 925 55 275 200 FIFO 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. 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 FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units in ending Cost of Goods #of units Cost per unit # of units Cost per unit Ending Inventory Cost of Cost Available for inventory per unit 15 6.00 $ Goods Sold sold Sale Beginning inventory 6.00 $ 140 840 90 Purchases: 5 5.00 55$ Jan. 20 60 5.00 300 5.00 275 25 $ 4.50 Jan. 30 180 4.50 810 180 810 $ $ $ Total 380 1,950 925 55 275 200 FIFO LIFO

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 FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units in ending Cost of Goods #of units Cost per unit # of units Cost per unit Ending Inventory Cost of Cost Available for inventory per unit 15 6.00 $ Goods Sold sold Sale Beginning inventory 6.00 $ 140 840 90 Purchases: 5 5.00 55$ Jan. 20 60 5.00 300 5.00 275 25 $ 4.50 Jan. 30 180 4.50 810 180 810 $ $ $ Total 380 1,950 925 55 275 200 FIFO LIFO
Transcribed Image Text:Weighted Average Specific Id FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. d) LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units in ending Cost of Goods #of units Cost per unit # of units Cost per unit Ending Inventory Cost of Cost Available for inventory per unit 15 6.00 $ Goods Sold sold Sale Beginning inventory 6.00 $ 140 840 90 Purchases: 5 5.00 55$ Jan. 20 60 5.00 300 5.00 275 25 $ 4.50 Jan. 30 180 4.50 810 180 810 $ $ $ Total 380 1,950 925 55 275 200 FIFO LIFO
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