Question

[The following information applies to the questions displayed below.] 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 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO..

Answer 1

Solutions:

Computation of ending inventory and cost of goods sold under Periodic FIFO
c) periodic FIFO	Goods Available for sale	Cost of goods sold	Ending Inventory
	No. of Units	Cost Per unit	Cost of Goods Available for Sale	No. of Units sold	Cost Per unit	Cost of Goods sold	Ending Inventory Units	Cost per unit	Ending Inventory Cost
Beginning Inventory	145	$7.00	$1,015.00	145	$7.00	$1,015.00	0
Purchases:
20-Jan	70	$6.00	$420.00	45	$6.00	$270.00	25	$6.00	$150.00
30-Jan	190	$5.50	$1,045.00				190	$5.50	$1,045.00
Total	405		$2,480.00	190		$1,285.00	215		$1,195.00
Computation of ending inventory and cost of goods sold under Periodic LIFO
(d) periodic LIFO	Goods Available for sale	Cost of goods sold	Ending Inventory
	No. of Units	Cost Per unit	Cost of Goods Available for Sale	No. of Units sold	Cost Per unit	Cost of Goods sold	Ending Inventory Units	Cost per unit	Ending Inventory Cost
Beginning Inventory	145	$7.00	$1,015.00				145	$7.00	$1,015.00
Purchases:
20-Jan	70	$6.00	$420.00				70	$6.00	$420.00
30-Jan	190	$5.50	$1,045.00	190	$5.50	$1,045.00	0
Total	405		$2,480.00	190		$1,045.00	215		$1,435.00
Computation of ending inventory and cost of goods sold under Periodic Weighted Average
(b ) Weigheted Average	Goods Available for sale	Cost of goods sold	Ending Inventory
	No. of Units	Cost Per unit	Cost of Goods Available for Sale	No. of Units sold	Average Cost	Cost of Goods sold	Ending Inventory Units	Average Cost	Ending Inventory Cost
Beginning Inventory	145	$7.00	$1,015.00
Purchases:
20-Jan	70	$6.00	$420.00
30-Jan	190	$5.50	$1,045.00
Total	405		$2,480.00	190	6.1235	$1,163.46	215	6.1235	$1,316.54
Average Cost per unit		6.1235
Computation of ending inventory and cost of goods sold under Periodic- Specific identification
(a) Specific Identification	Cost of Goods Available for sale	Cost of goods sold	Inventory Balance
No. of Units	Cost Per unit	Cost of Goods Available for Sale	No. of Units sold	Cost Per unit	Cost of Goods sold	Ending Inventory Units	Cost per unit	Ending Inventory Cost
Beginning Inventory	145	$7.00	$1,015.00	125	$7.00	$875.00	20	$7.00	$140.00
Purchases:									ekkarill92 Next > < Previous Related Solutions The following information applies to the questions displayed below.] Laker Company reported the following January purchases... The following information applies to the questions displayed below.] 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 180 units @ $ 10.50 = $ 1,890 Jan. 10 Sales 140 units @ $ 19.50 Jan. 20 Purchase 110 units @ $ 9.50 = 1,045 Jan. 25 Sales 120 units @ $ 19.50 Jan. 30 Purchase 260 units @ $ 9.00 =... The following information applies to the questions displayed below.] Laker Company reported the following January purchases... The following information applies to the questions displayed below.] 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 155 units @ $ 8.00 = $ 1,240 Jan. 10 Sales 115 units @ $ 17.00 Jan. 20 Purchase 90 units @ $ 7.00 = 630 Jan. 25 Sales 95 units @ $ 17.00 Jan. 30 Purchase 210 units @ $ 6.50 =... [The following information applies to the questions displayed below.] Laker Company reported the following January purchases... [The following information applies to the questions displayed below.] 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 260 units @ $ 9.20 = $ 2,392 Jan. 10   Sales 145 units @ $ 17.20 Jan. 20   Purchase 330 units @ $ 8.20 = 2,706 Jan. 25   Sales 255 units @ $ 17.20 Jan. 30   Purchase 200 units @ $ 7.20 =... The following information applies to the questions displayed below.] Laker Company reported the following January purchases... The following information applies to the questions displayed below.] 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 170 units @ $ 9.50 = $ 1,615 Jan. 10 Sales 130 units @ $ 18.50 Jan. 20 Purchase 120 units @ $ 8.50 = 1,020 Jan. 25 Sales 130 units @ $ 18.50 Jan. 30 Purchase 240 units @ $ 8.00 =... The following information applies to the questions displayed below.] Laker Company reported the following January purchases... The following information applies to the questions displayed below.] 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 180 units @ $ 7.60 = $ 1,368 Jan. 10   Sales 105 units @ $ 15.60 Jan. 20   Purchase 250 units @ $ 6.60 = 1,650 Jan. 25   Sales 175 units @ $ 15.60 Jan. 30   Purchase 120 units @ $ 5.60 =... [The following information applies to the questions displayed below.] Laker Company reported the following January purchases... [The following information applies to the questions displayed below.] 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 180 units @ $ 7.60 = $ 1,368 Jan. 10   Sales 105 units @ $ 15.60 Jan. 20   Purchase 250 units @ $ 6.60 = 1,650 Jan. 25   Sales 175 units @ $ 15.60 Jan. 30   Purchase 120 units @ $ 5.60 =... [The following information applies to the questions displayed below.] Laker Company reported the following January purchases... [The following information applies to the questions displayed below.] 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 240 units @ $ 16.50 = $ 3,960 Jan. 10 Sales 190 units @ $ 25.50 Jan. 20 Purchase 170 units @ $ 15.50 = 2,635 Jan. 25 Sales 190 units @ $ 25.50 Jan. 30 Purchase 380 units @ $ 15.00 =... Required information [The following information applies to the questions displayed below.]    Laker Company reported the... Required information [The following information applies to the questions displayed below.]    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 185 units @ $ 11.00 = $ 2,035 Jan. 10 Sales 145 units @ $ 20.00 Jan. 20 Purchase 100 units @ $ 10.00 = 1,000 Jan. 25 Sales 125 units @ $ 20.00 Jan. 30 Purchase 270 units... Required information [The following information applies to the questions displayed below.]    Laker Company reported the... Required information [The following information applies to the questions displayed below.]    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 235 units @ $ 16.00 = $ 3,760 Jan. 10 Sales 200 units @ $ 25.00 Jan. 20 Purchase 180 units @ $ 15.00 = 2,700 Jan. 25 Sales 190 units @ $ 25.00 Jan. 30 Purchase 390 units... Required information [The following information applies to the questions displayed below.]    Laker Company reported the... Required information [The following information applies to the questions displayed below.]    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 175 units @ $ 10.00 = $ 1,750 Jan. 10 Sales 135 units @ $ 19.00 Jan. 20 Purchase 130 units @ $ 9.00 = 1,170 Jan. 25 Sales 140 units @ $ 19.00 Jan. 30 Purchase 275 units... ADVERTISEMENT Subjects Accounting Advanced Math Anatomy and Physiology Biology Chemistry Civil Engineering Computer Science Economics Electrical Engineering Finance History Math Mechanical Engineering Operations Management Physics Psychology Statistics and Probability Nursing Other ADVERTISEMENT Latest Questions You are a CPA paid to prepare tax returns for various clients. One of your newest... The lob in tennis is an effective tactic when your opponent is near the net. 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