Question

Saved Help Seve & E 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 238 units $15.58 $3,565 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 180 units $24.5e Jan. 28 Purchase 19e units@ $14.50 2,755 Jan. 25 Sales Jan. 30 Purchase 220 units @ $24.50 360 units@ $14.00 5,040 Totals 780 units $11,36e8 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 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification 2 Determine the cost assigned to ending inventory and to cost of goods sold using weighted average 3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO 4. Determine the cost assigned to ending inventory and to cost of goods sald using LIFO Prey 1 of 1 Next ch

Answer 1

Requirement 1 Under Specific identification Method: Date Activity 01-Jan Beginning 20-Jan Purchases 30-Jan Purchases NO of Units Unit cost 230 $ 15.50 190 $ 14.50 360 $ 14.00 Cost of Goods sold NO of Units Per Unit Total 215 $ 15.50 $ 3,332.50 185 $ 14.50 $ 2,682.50 0 $ 14.00 $ Ending Inventory NO of Units Per Unit Total 15 $15.50 $ 232.50 5 $ 14.50 $ 72.50 360 $ 14.00 $ 5,040.00 780 400 $ 6,015.00 380 $ 5,345.00

Requirement 2 Under Weighted Avg : Purchase Cost COGS Cost Date Quantity Cost Quantity Cost Ending Inventory Quantity Cost Cost 230 $15.50 $ 3,565.00 01-Jan 10-Jan 180 $ 15.50 $ 2,790.00 50 $15.50 $ 775.00 20-Jan 190 $ 14.50 $ 2,755.00 50 $15.50 190 $14.50 240 $14.71 $ 775.00 $ 2,755.00 $ 3,530.00 25-Jan 220 $ 14.71 $ 3,235.83 20 $14.71 $ 294.17 30-Jan 360 $ 14.00 $ 5,040.00 20 $14.71 $ 294.17 360 $14.00 $ 5,040.00 400 $ 6,025.83 380.00 $ 5,334.17 Note : Round oFf As per Your System Requirement

Requirement 3 Under FIFO : Purchase Cost COGS Cost Date Quantity Cost Quantity Cost Ending Inventory Quantity Cost Cost 230 $15.50 $ 3,565.00 01-Jan 10-Jan 180 $ 15.50 $ 2,790.00 50 $15.50 $ 775.00 20-Jan 190 $ 14.50 $ 2,755.00 50 $15.50 190 $14.50 $ 775.00 $ 2,755.00 25-Jan 50 $ 15.50 170 $ 14.50 $ 775.00 $ 2,465.00 20 $14.50 $ 290.00 30-Jan 360 $ 14.00 $ 5,040.00 20 $14.50 360 $14.00 $ 290.00 $ 5,040.00 400 $ 6,030.00 380.00 $ 5,330.00 Requirement 4 Under LIFO : Purchase Cost COGS Cost Date Quantity Cost Quantity Cost Ending Inventory Quantity Cost Cost 230 $15.50 $ 3,565.00 01-Jan 10-Jan 180 $ 15.50 $ 2,790.00 50 $15.50 $ 775.00 20-Jan 190 $ 14.50 $ 2,755.00 50 $15.50 190 $14.50 $ 775.00 $ 2,755.00 25-Jan 30 $ 15.50 190 $ 14.50 $ 465.00 $ 2,755.00 20 $15.50 $ 310.00 30-Jan 360 $ 14.00 $ 5,040.00 20 $15.50 360 $14.00 $ 310.00 $ 5,040.00 400 $ 6,010.00 380.00 $ 5,350.00