Question

Laker Company reported the following January purchases and sales data for its ory product Date Jan 1Beginning invantory Jan 10 Sales Jan 20 Purchase Jan 25 Sales Jan 30Purchase Activities Units Acquired at Cost Units sold at Retail 110 units16.50... a-units-a it 68 -…-120 -- 50 = umits 16.50 200 units 600 : Totals 430 units 200 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 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 sold using LIFOl Exam-2-Prep-Question Required Required 2 Required 3 Required4 Compiete the table to determine the cost assigned to ending invantory and cost of goods sold using specifie identification. Cost of Goads Sold Ending Inventory Ending Cost Per Inventory Unit Ending se Date Activity Cost Sl Unit Cost COGSInventory Jan. 20 Jan 30 Beginning tventory Purchase Purchase 200 Required 1 Required 2Required 3 Required 4 Datarmine the cost assigned to anding inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal pla Weighted Average-Perpetual Geeda Parshad Inventory Balanss Cost per units Cost per Cost of Goods Cost per Inventory Balance #of ! #ofunits Date units Costperot Sold 150 7.50 $1.125.00 January 20 Januaty 30 Required 1 Required 2 Requied 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Perpetual FIFO #of units Cost per # of units sold | Cost per | Cost of Goods Cost per Inventory Balance Date # of units unit Sold 150 s 7.50 January 1 January 10 January 20 January 25 January 30 Totals Required Required 2 Required 3 Required 4 Determine the cost assigned to ending inventory and to cost of goods sold using LIFO #of units cost per | unit # of units sold s of units Cost per Inventory Balance | Cost per Cost of Goods Date unit Sold January 1 January 10 January 20 150| @| $ 7.50! 28.00 January 25 January 30 Totals

Answer 1

IN Ques3 Perpetual FIFO -Goods Purchased # of units Cost of Goods Sold Inuentory Balance Cost Per unit # of units sold Cost er Cost of Goods Sold unit Date # of units Cost per unit Inventory Balance Jan-01 150 $7.50! anuary 10 110 $7.50- $825.00 40 $7.50 $300.00 80 $6.50 40@ 20 80 $6.50- $520.00 820 40 50 300 325 $625.00 $0.00 $195.00 195 Jan-25 7.5- $6.50 이@ 30 7.5 6.5 $7.50 $6.50- $6.00 $0.00 $195.00 $1,200.00 Jan-30 200@ $6.00 0a 30 200@ Totals $1,450.00 230

9 Ques 4 Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance Cost Per unit Cost perCost of Goods Sold Date | # of units # of units sold # of units Cost per unitInventory Balance unit 3 Jan-01 150 $7.50- $1,125.00 anuary 110 $7.50- $825.00 40@ $7.50 $300.00 5 10 6 anuary 80 $6.50 40@ $7.50 $300.00 7 20 80 $6.50- $520.00 $820.00 0 7.5 30 $7.50 $6.50- 1 Jan-25 3 5 Jan-30 10a 80 $75.00 $520.00 $420.00 $225.00 $0.00 $225.00 6.5 이@ 0 $7.50 $6.50 $6.00- 200@ $6.00 $225.00 $0.00 $1,200.00 1425 6 0a 200@ 8 Totals $1,245.00 230