Question
In: Finance
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 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 = 5,700 Totals 790 units $ 12,295 380 units rev: 09_15_2017_QC_CS-99723 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 410 units, where 380 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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.
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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...
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 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 = 1,920 Totals 530 units $ 4,555 260
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 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
perpetual...
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
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
250
units
@
$
8.50
=
2,125
Totals
555
units
$
5,045
275
units
The...
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