Laker Company reported the following January purchases and sales data for its only product. (3&4)...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Laker Company reported the following January purchases and sales data for its only product. (3&4)
Date
Activities
Units Acquired at Cost
Units sold at Retail
Jan.
1
Beginning inventory
140
units
@
$
6.00
=
$
840
Jan.
10
Sales
100
units
@
$
15
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
Required:
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.
3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO: ds Purcha ost of nvento alan Cost per unit Cost per unit Cost of Goods Sold | # of units counter Cost per Inventory Balance # of units Date units SO January 1 January 10 January 20 140 @ $ 6.00 $840.00 January 25 January 30 Totals
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
