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Required information [The following information applies to the questions displayed below.]    Laker Company reported the following January purchases...

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Question

Accounting

Required information

[The following information applies to the questionsdisplayed below.]
  
Laker Company reported the following January purchases and salesdata for its only product.
  

DateActivitiesUnits Acquired at CostUnits sold at Retail
Jan.1Beginning inventory175units@$10.00=$1,750
Jan.10Sales135units@$19.00
Jan.20Purchase130units@$9.00=1,170
Jan.25Sales140units@$19.00
Jan.30Purchase275units@$8.00=2,200
Totals580units$5,120275units

Required:
The Company uses a periodic inventory system. For specificidentification, ending inventory consists of 305 units, where 275are from the January 30 purchase, 5 are from the January 20purchase, and 25 are from beginning inventory. Determine the costassigned to ending inventory and to cost of goods sold using(a) specific identification, (b) weightedaverage, (c) FIFO, and (d) LIFO.


  

Answer & Explanation Solved by verified expert
3.6 Ratings (635 Votes)
Specific Identification Weighted Average FIFO LIFO Ending Inventory 2495 2693 2470 2920 Cost of goods sold 2625 2428 2650 2200 Cost of goods available for sale Cost of goods sold Ending Inventory Specific Identification of units A Cost per unit Cost of goods available for sale of units sold B Cost per unit Cost of goods sold of units in    See Answer
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