Question

In: Accounting

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

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 230 units @ $ 15.50 = $ 3,565
Jan. 10 Sales 180 units @ $ 24.50
Jan. 20 Purchase 190 units @ $ 14.50 = 2,755
Jan. 25 Sales 220 units @ $ 24.50
Jan. 30 Purchase 360 units @ $ 14.00 = 5,040
Totals 780 units $ 11,360 400 units


The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 380 units, where 360 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Required:
1. Determine the cost assigned to ending inventory and to cost of goods sold using a weighted average.
2. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
3. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)

1.
Weighted Average - Perpetual:
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 1 230 @ $15.50 = $3,565.00
January 10
January 20
Average cost
January 25
January 30
Totals

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