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
ekkarill92 answered 2 years agoRelated Solutions
Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual...
Determine the costs assigned to ending inventory and to cost of
goods sold using FIFO.
Perpetual FIFO:
Goods Purchased
Cost of Goods
Sold
Inventory Balance
Date
# of units
Cost per unit
# of units
sold
Cost per unit
Cost of Goods
Sold
# of units
Cost per unit
Inventory Balance
January 1
290
@
$13.60
=
$3,944.00
January 10
260
@
$13.60
=
$3,536.00
30
@
$13.60
=
$408.00
March 14
500
@
$18.60
30
@
$13.60
=
$408.00...
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO...
Calculate the cost of goods sold and the cost of the ending
inventory using the LIFO periodic cost flow assumption.
Sales 97 units at $ 18 per unit
Beginning inventory 88 units at $ 6 per unit
Purchases 58 units at $ 10 per unit
Calculate the cost of goods sold using the LIFO periodic cost
flow assumption. Units x Cost per Unit = Total Cost Units from
beginning inventory x = Units from purchase x = Cost of Goods...
Use the following information to complete the charts and calculate cost of goods sold, ending inventory,...
Use the following information to complete the charts and
calculate cost of goods sold, ending inventory, and gross profit
under the FIFO, LIFO, and Weighted Average methods. Units Cost
Units Retail Oct. 1 Beginning Inventory 120 $39 Oct. 3 Sales 90
$100 Oct. 5 Purchase 140 $40 Oct. 12 Sales 110 $100 Oct. 18 Sales
45 $100 Oct. 26 Purchase 160 $43
From the following? information, calculate the cost of ending inventory and cost of goods sold using...
From the following? information, calculate the cost of ending
inventory and cost of goods sold using the? (a) FIFO,? (b) LIFO,
and? (c) weighted-average methods.
Units
Cost
January 1
Beginning Inventory
4
$7
March 6
Purchased
6
2
August 9
Purchased
4
9
December 10
Purchased
5
1
The ending inventory reveals eighteight items unsold
Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted...
Calculate cost of ending inventory and cost of goods sold
using periodic FIFO, LIFO, and Weighted Average Cost methods.
Description # of units Cost per unit
Beginning inventory: 20 20
Jan.15 Purchase: 22 27
Jan. 20 Sale 10 blank
Jan.25 Purchase 18 25
Jan.28 Sale 15 blank
Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods.
Inventory Costing Methods: Periodic Inventory Systems. (Appendix
6B)Tyler Company has the following information related to purchases
and sales of one of its inventory items.DateDescriptionUnits Purchased at
CostUnits Sold at
RetailSept. 1Beginning inventory20 units @ $510Purchase30 units @ $820Sales40 units @ $1525Purchase25 units at $10Assume that the company uses the periodic inventory system.Required:Calculate the cost of goods sold and the cost of ending
inventory using the FIFO, LIFO, and average cost methods.
(Note: Use four decimal places for per-unit calculations
and...
Based on the following information, calculate the cost of goods sold and ending inventory using FIFO,...
Based on the following information, calculate the cost of goods
sold and ending inventory using FIFO, LIFO, and weighted average
assuming a perpetual inventory system is in place.
Beginning Balance - 90 units at $11
March 3 - Purchase 300 units for $15
April 4 - Sell 240 units for $28
June 30 - Purchase 250 units for $18
August 16 - Sell 180 units for $30
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the weighted-average method, ending
inventory is 56 units. (Round your intermediate
calculations and final answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
2.70
April 10
9
3.20
May 15
13
3.70
July 22
14
3.95
August 19
19
4.70
September 30
19
4.90
November 10
33
5.10
December 15
15
5.50
cost of ending inventory?
Cost of...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the LIFO method, ending inventory is 54
units. (Round your answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
1.00
April 10
9
1.50
May 15
13
2.00
July 22
14
2.25
August 19
19
3.00
September 30
19
3.20
November 10
33
3.40
December 15
15
3.80
Cost of ending inventory
$
Cost of goods sold
$
Required: 1. Determine the dollar amount of cost of goods sold, dollar amount of ending inventory,...
Required:
1. Determine the dollar amount of cost of goods sold, dollar
amount of ending inventory, and dollar amount of gross margin using
the FIFO, LIFO and specific identification inventory costing
methods for the month of October.
2. Complete journal entries for October 3rd and
8th using the specific identification method assuming
all purchases and sales were on account.
Beginning Inventory Units 1 – 5 at $24 each
120
October 3 Purchased Units 6 – 15 at $25 each
250...
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