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 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 18 January 28 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Specific Weighted Identification Average FIFO Units Acquired at Cost 150 units@ $7.50- se unitse 200 units e 438 units LIFO $ 6.50- $ 6.00- $ 1,125 528 1,200 $ 2,845 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 ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using UFO. Complete this question by entering your answers in the tabs below. Units sold at Retail 110 units € 98 units e 200 units $16.50 $16.50
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 200 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory. Date January 1 January 18 January 28 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Assume the perpetual inventory system is used. Required: Specific Weighted Identification Average FIFO Units Acquired at Cost 150 units@ $7.50- se unitse 200 units e 438 units LIFO $ 6.50- $ 6.00- $ 1,125 528 1,200 $ 2,845 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 ending inventory and to cost of goods sold using FIFO. 4. Determine the cost assigned to ending inventory and to cost of goods sold using UFO. Complete this question by entering your answers in the tabs below. Units sold at Retail 110 units € 98 units e 200 units $16.50 $16.50
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...
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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. For specific identification,
ending Inventory consists of 200 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
Assume the perpetual inventory system is used.
Required:
Specific
Identification
Weighted
Average
Units Acquired at Cost
$ 7.50
Complete this question by entering your answers in the tabs below.
FIFO
150 units
88 units e
208 units e
438 units
LIFO
$ 6.50 =
$ 6.00-
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 ending inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
$ 1,125
528
1,280
$ 2,845
Units sold at Retail
110 units
98 units
200 units
$16.50
e $ 16.50](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F24eeb5bd-accc-437a-99a6-eecc746ce09e%2F8a58b7e0-047d-451b-992d-6890f295700b%2Fufcz6xq_processed.png&w=3840&q=75)
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. For specific identification,
ending Inventory consists of 200 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
Assume the perpetual inventory system is used.
Required:
Specific
Identification
Weighted
Average
Units Acquired at Cost
$ 7.50
Complete this question by entering your answers in the tabs below.
FIFO
150 units
88 units e
208 units e
438 units
LIFO
$ 6.50 =
$ 6.00-
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 ending inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
$ 1,125
528
1,280
$ 2,845
Units sold at Retail
110 units
98 units
200 units
$16.50
e $ 16.50
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