Question

Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product Units Acquired at cost 190 units $7.00 $1,338 Units sold at Reta 150 units $16.ee Date Activities Jan. 1 Beginning inventory Jan. 1e Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 st $5. 138 units $16.00 $5.50 280 units @ Se units 33.5 unit Exercise 6-5A Periodic: Inventory costing LO P3 Required: The Company uses a periodic Inventory system for specific identication, ending Inventory consists of 300 units where 280 are from the January 30 purchase. 5 are from the January 20 purchase and 15 ore from beginning Inventory. Determine the cost assigned to ending Inventory and to cost of goods sold using a specific identification of weighted average, FO, and if LIFO Complete this questions by entering your answers in the below tabs. Weighted Average FIFO Specificid vente d e cidid purch ation. For specific identification ending and 15 are from beginning inventory Determine the cost ansigned to ending intery 300 units, where 280 are from the B ay 10 purch coat Specife Identification a Nel

Answer 1

Specific identification method
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	No. of Units	Cost Per unit	Total	No. of Units	Cost Per unit	Cost of Goods Sold	No. of Units	Cost Per unit	Ending invetory
Jan, 01	Beginning inventory	190	$                7.00	$1,330	175	$           7.00	$1,225	15	$           7.00	$105
Purchases:
Jan, 20	Purchases	110	$                6.00	$660	105	$           6.00	$630	5	$           6.00	$30
Jan, 30	Purchases	280	$                5.50	$1,540	0	$                -	$0	280	$           5.50	$1,540
	Total	580		$3,530	280		$1,855	300		$1,675
Weighted Average Cost Method
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	No. of Units	Cost Per unit	Total	No. of Units	Cost Per unit	Cost of Goods Sold	No. of Units	Cost Per unit	Ending invetory
Jan, 01	Beginning inventory	190	$                7.00	$1,330
Purchases:
Jan, 20	Purchases	110	$                6.00	$660
Jan, 30	Purchases	280	$                5.50	$1,540
	Total	580	$6.09	$3,530	280	$6.09	$1,704	300	$6.09	$1,826
FIFO METHDO
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	No. of Units	Cost Per unit	Total	No. of Units	Cost Per unit	Cost of Goods Sold	No. of Units	Cost Per unit	Ending invetory
Jan, 01	Beginning inventory	190	$                7.00	$1,330	190	$           7.00	$1,330
Purchases:
Jan, 20	Purchases	110	$                6.00	$660	90	$           6.00	$540	20	$           6.00	$120
Jan, 30	Purchases	280	$                5.50	$1,540				280	$           5.50	$1,540
	Total	580		$3,530	280		$1,870	300		$1,660
LIFO METHDO
		COST OF GOODS AVAILABLE FOR SALE			COST OF GOODS SOLD			ENDING INVENTORY
Date	Particulars	No. of Units	Cost Per unit	Total	No. of Units	Cost Per unit	Cost of Goods Sold	No. of Units	Cost Per unit	Ending invetory
Jan, 01	Beginning inventory	190	$                7.00	$1,330				190	$           7.00	$1,330
Purchases:
Jan, 20	Purchases	110	$                6.00	$660				110	$           6.00	$660
Jan, 30	Purchases	280	$                5.50	$1,540	280	$           5.50	$1,540
	Total	580		$3,530	280		$1,540	300		$1,990