Question

In: Accounting

Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.

 

Laker Company reported the following January purchases and sales data for its only product.

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        
 

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.

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.

Solutions

Expert Solution

Answer 1.

Answer 2.

Answer 3.

Answer 4.


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