Question

Chapter 05 Homework A Saved Required information [The following information applies to the questions displayed below.) Part 1 of 2 Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail points Units Acquired at Cost 200 units @ $12.50 = $2,500 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 130 units @ $11.50 = 1,495 160 units @ $21.50 140 units @ $21.50 eBook 300 units @ $11.00 = 630 units 3,300 $7,295 300 units Hint Print Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 330 units, where 300 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 (c) LIFO. References Complete this question by entering your answers in the tabs below. Specific Id Weighted Average FIFO LIFO Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 330 units, where 300 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. a) Specific Identification Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per Cost of Good Ending Inventory # of units Cost Ending in ending 9 per unit Inventory inventory * # of units Cost per | sold unit Available for Sale Cost of Goods Sold Beginning inventory Purchases: Jan. 20 Jan. 30 Total 0 $ 00 $ 0 0 $ Specific Id Weighted Average >

Answer 1

Periodic : Specific Identification Goods Purchasd Cost of Goods Sold Inventory Balance 200 cost of Goods # of Units Cost of Cost Per Ending # of Units Cost Per Unit Available for sales sold Cost Per Unit Goods Sold # of Units Unit Inventory Beginning inventory 12.5 2500 175 12.51 2187.5 25 12.5 312.5 Purchases Jan-20 130 11.5 14951 125 11.5 1437.5 11.5 57.51 Jan-301 3001 33001 11 300 3300 Totals 630 7295 300 3625 330 3670 51 11 11

Periodic : average Cost Goods Purchasd Cost of Goods Sold Inventory Balance Average Average Cost cost of Goods # of Units Average Cost Cost of Cost per Ending # of Units per unit Available for sales sold per unit Goods Sold # of Units unit Inventory Beginning inventory 2001 12.5 2500 Purchases Jan-20 Jan. 201301 1 1.51 14951 Jan-30 300 3300 Totals 7295 300 11.58 3474 330 11.58 3821 11 6307

Periodic : FIFO Goods Purchasd Cost of Goods Sold Inventory Balance cost of Goods # of Units Cost of Cost Per Ending # of Units Cost Per Unit Available for sales sold Cost Per Unit Goods Sold # of Units Unit Inventory Beginning inventory 200 12.5 2500 200 12.5 2500 0 12.51 Purchases Jan-201 130 11.5 1495 100 11.5 1150 30 11. 5 345 Jan-30 300 11 33000 11 0 300 11 3300 Totals 630 7295 300 3650 330 3645 Periodic : LIFO Goods Purchasd Cost of Goods Sold Inventory Balance Cost Per Ending # of Units Unit Inventory 200 12.5 2500 cost of Goods # of Units Cost of # of Units Cost Per Unit Available for sales sold Cost Per Unit Goods Sold Beginning inventoryl 200 12.5| 2500 0 12.5 0 Purchases Jan-20 1301 11.5 14950 5 11. 0 Jan-30 300 11 3300 300 11 3300 Totals 630 7295 300 3300 130 1495 11.5 11 330 3 995