Question
In: Accounting
1. Laker Company Reported the following January purchases and sales data for its only product. Date...
1. 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 = $840 | |
|
Jan 10 |
Sales | 100 units @$15 | |
| Jan 20 | Purchase | 60 units @ $5 = $300 | |
| Jan 25 | Sales | 80 units @ $15 | |
| Jan20 | Purchase | 180 units @ $4 = $720 | |
| Totals | 380 units |
A. Laker uses a periodic inventory system. Calculate COGS and Ending inventory amounts using LIFO, FIFO, and Average Cost:
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Laker Company reported the following January purchases and sales data for its only product. Date...
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
300
units
@ $7.60
=
$
2,280
Jan.
10
Sales
180
units
@ $18.20
Jan.
20
Purchase
220
units
@ $6.60
=
1,452
Jan.
25
Sales
160
units
@ $18.20
Jan.
30
Purchase
340
units
@ $6.10
=
2,074
Totals
860
units
$
5,806
340
units
Laker uses a...
Laker Company reported the following January purchases and sales data for its only product. Date...
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
280
units
@ $9.60
=
$
2,688
Jan.
10
Sales
155
units
@$17.60
Jan.
20
Purchase
350
units
@ $8.60
=
3,010
Jan.
25
Sales
275
units
@$17.60
Jan.
30
Purchase
220
units
@ $7.60
=
1,672
Totals
850
units
$
7,370
430
units
Required:
The Company uses a...
Laker Company reported the following January purchases and sales data for its only product. Date...
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
205
units
@
$13.00
=
$
2,665
Jan.
10
Sales
165
units
@ $22.00
Jan.
20
Purchase
140
units
@ $12.00
=
1,680
Jan.
25
Sales
145
units
@ $22.00
Jan.
30
Purchase
310
units
@ $11.50
=
3,565
Totals
655
units
$
7,910
310
units
1.The Company uses a...
Laker Company reported the following January purchases and sales data for its only product. Date...
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
165
units
@
$
9.00
=
$
1,485
Jan.
10
Sales
125
units
@
$
18.00
Jan.
20
Purchase
110
units
@
$
8.00
=
880
Jan.
25
Sales
125
units
@
$
18.00
Jan.
30
Purchase
250
units
@
$
7.50
=
1,875
Totals
525
units
$
4,240
250
units...
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
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...
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 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 130 units @ $ 19.50 Jan. 30
Purchase 270 units @ $ 9.00 = 2,430 Totals 560 units $ 5,365 270
units The...
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...
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 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 @ $ 9.50 = 2,565 Totals 555 units $ 5,600 270
units The...
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 215 units @ $ 14.00 = $ 3,010 Jan. 10 Sales
165 units @ $ 23.00 Jan. 20 Purchase 160 units @ $ 13.00 = 2,080
Jan. 25 Sales 190 units @ $ 23.00 Jan. 30 Purchase 330 units @ $
12.50 = 4,125 Totals 705 units $ 9,215 355 units
The...
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
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...
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