Laker Company reported the following January purchases and sales data for its only product. ...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Laker Company reported the following January purchases and sales data for its only product.
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.
Required:
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.
Date Activities Units Acquired at Cost Units sold at Retail an. 1 Beginning inventory 235 units@$16.00 - 3,760 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 185 units $25.00 200 units$25.e0 385 units 180 units$15.002,700 370 units @ $14.50= 785 units 5,365 $11,825 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!
