The Company uses a periodic inventory system. For specific identification, endin

Question

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 360 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 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 (d) LIFO.

Required information The folowing information applies to the questions displayed below. Laker Company reported the tollowing January purchases and sales data for its only product. Units sold at Retail Date Activities Units Acquired at Cost Jan. 1 Beginning Jan. 10 Sales Jan. 20 Purchase 150 unit$12.50 1,875 Jan.25 Sales Jan. 30 Purchase 320 unit$12.00 3,840 210 units $13.50-$ 2,835 inventory 160 units $22.50 160 units $22.50 Totals 680 units $8,550 320 units Required: The Company uses a periodic Inventory system. For specitic identification, ending Inventory consists of 360 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning nventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (D) weighted average, ( FIFO, and (d) LIFo. Complete this question by entering your answers in the tabs below Specific Weighted FIFO LIFO Id Average Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. For specific identification, ending inventory consists of 360 units, where 320 are from the January 30 purchase, 5 are from the January 20 purchase, and 35 are from beginning inventory Show lessA Cost of Goods Availiable for Sale Cost of Goods Sold # of | Cost | Cost of sold Ending Inventory ification Cost of #of Cost #of Ending units per unit Availableunits per Goods units in unit unit Sold ending per Beginning inven Jan. 20 Jan. 30 Total

Explanation / Answer

Specific identification Cost of goods available for sale Cost of goods sold Ending inventory # of units Cost per unit Total # of units Cost per unit Total # of units Cost per unit Total Beginning inventory 210 13.5 2835 175 13.5 2362.5 35 13.5 472.5 Purchases: Jan.20 150 12.5 1875 145 12.5 1812.5 5 12.5 62.5 Jan.30 320 12 3840 320 12 3840 Total 680 8550 320 4175 360 4375 Weighted average Cost of goods available for sale Cost of goods sold Ending inventory # of units Cost per unit Total # of units Cost per unit Total # of units Cost per unit Total Beginning inventory 210 13.5 2835 Purchases: Jan.20 150 12.5 1875 Jan.30 320 12 3840 Total 680 8550 320 12.57 4022.40 360 12.57 4525.20 FIFO Cost of goods available for sale Cost of goods sold Ending inventory # of units Cost per unit Total # of units Cost per unit Total # of units Cost per unit Total Beginning inventory 210 13.5 2835 210 13.5 2835 Purchases: Jan.20 150 12.5 1875 110 12.5 1375 40 12.5 500 Jan.30 320 12 3840 320 12 3840 Total 680 8550 320 4210 360 4340 LIFO Cost of goods available for sale Cost of goods sold Ending inventory # of units Cost per unit Total # of units Cost per unit Total # of units Cost per unit Total Beginning inventory 210 13.5 2835 210 13.5 2835 Purchases: Jan.20 150 12.5 1875 150 12.5 1875 Jan.30 320 12 3840 320 12 3840 Total 680 8550 320 3840 360 4710

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.