In: Accounting
Laker Company resported the following January Purchases and
sales datat for its only product
Date | Activies | Units acquired at Cost | Units Sold at Retail |
Jan 1 | Begining 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 | Purchases | 180 units @ $4.50 = 810 | |
Total | 380 units $1950 | 180 units | |
Required
The company uses a perpetual inventory system. 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. (Round per unit costs and inventory amount to cents.) For
specific identification, ending inventory consist of 200 units,
where 180 are from the January 30 purchase, 5 are from the January
20 purchase, and 15 are from beginning inventory.