Required Information The following Information applies to the questlons displaye
ID: 2343086 • Letter: R
Question
Required Information The following Information applies to the questlons displayed below] aker Company reported the following January purchases and sales data for its only product Date Jan. 1 Beginning inventory 225 units Jan. 10 Sales Tan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase activities Unit Acquired at Cost $15.003,375 180 units $14.00 2,520 350 units @ $13.50= 4,725 $10, 620 Units sold at Retail 175 units$24.00 210 units $24.00 385 units Total 755 unis The Company uses a perpetual Inventory system. For specific Identfication, ending Inventory consists of 370 unlts, where 350 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 welghted average. 3. Determine the cost asslgned 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 LIFO. Complete this questions by entering your answers in the below tabs.Explanation / Answer
Answer: Requiremnt 1 Specific Identification Available For Sale Cost of Goods Sold Ending Inventory Purchase Date Activity Units Unit Cost Unit Sold Unit Cost COGS Ending Inventory Unit Cost per Unit Ending Inventory Cost 1-Jan Beginning Inventory 225 15 210 15 3150 15 15 225 (15*15) 20-Jan Purchase 180 14 175 14 2450 5 14 70 (5*14) 30-Jan Purchase 350 13.5 0 13.5 0 350 13.5 4725 (350*13.5) Total 5600 5020 Cost of Goods Sold $ 5,600.00 Ending Inventory $ 5,020.00 Requirement 2 Weighted Aveerage Cost Available For Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit # of units sold Cost per unit Cost of Goods sold # of units Cost per unit Inventory Balance 1-Jan 225 $ 15.00 225 $ 15.00 $ 3,375.00 (225*$15) 10-Jan 175 15 $ 2,625.00 50 $ 15.00 $ 750.00 (50*$15) 20-Jan 180 $ 14.00 50 $ 15.00 $ 750.00 (50*$15) 180 $ 14.00 $ 2,520.00 (180*$14) Average Cost 230 $ 14.22 $ 3,270.00 (3270/230) 25-Jan 210 $ 14.22 $ 2,985.65 20 $ 14.22 $ 284.35 (20*$14) 30-Jan 350 $ 13.50 20 $ 14.22 $ 284.35 (20*$14) 350 $ 13.50 $ 4,725.00 (350*$13) Totals $ 5,610.65 370 $ 13.54 $ 5,009.35 (5009/370) Cost of Goods Sold $ 5,610.65 Ending Inventory $ 5,009.35 Requirement 3 FIFO Available For Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit # of units sold Cost per unit Cost of Goods sold # of units Cost per unit Inventory Balance 1-Jan 225 15 3375 (225*$15) 10-Jan 175 15 2625 50 15 750 (50*$15) 20-Jan 180 14 50 15 750 (50*$15) 180 14 2520 (180*$14) 230 3270 (230*$) 25-Jan 50 15 750 160 14 2240 210 2990 30-Jan 350 13.5 20 14 280 (20*$14) 350 13.5 4725 (350*$13.5) Totals 5615 370 5005 Cost of Goods Sold $ 5,615.00 Ending Inventory $ 5,005.00 Requirement 4 LIFO Available For Sale Cost of Goods Sold Ending Inventory Date # of units Cost per unit # of units sold Cost per unit Cost of Goods sold # of units Cost per unit Inventory Balance 1-Jan 225 15 3375 (225*$15) 10-Jan 175 15 2625 50 15 750 (50*$15) 20-Jan 180 14 50 15 750 (50*$15) 180 14 2520 (180*$14) 230 3270 (230*$) 25-Jan 180 14 2520 30 15 450 210 2970 30-Jan 350 13.5 20 15 300 (20*$15) 350 13.5 4725 (350*$13.5) Totals 5595 370 5025 Cost of Goods Sold $ 5,595.00 Ending Inventory $ 5,025.00
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