Laker Company reported the following January purchases and sales data for its on
ID: 2412900 • Letter: L
Question
Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Date Jan. 1Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 220 units 170 units 370 units $14.50$ 3,190 $13.502,295 $13.004,810 Units sold at Retalil 170 units $23.50 200 units @ $23.50 370 units Totals 760 units $10,295 The company uses a periodic inventory system. For specific identification, ending inventory consists of 390 units, where 370 are from the January 30 beginning inventory value: 2.00 points Required 1. Complete the table to determine the cost assigned to ending inventory and to cost of goods sold using specific identification. (Round cost per uni Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory per Cost ofof units Cost per Ending # of units | Cost per Cost of Goods Availableforl#of units cost unit Goods Sold in ending inventory sold unit Inventory Sale Beginning inventory Purchases Jan. 20 Jan. 30 TotalExplanation / Answer
Answers
FIFO,
LIFO,
Specific Identification,
Weighted Average.
FIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
220
$ 14.50
$ 3,190.00
220
$ 14.50
$ 3,190.00
0
$ 14.50
$ -
Purchases:
20-Jan
170
$ 13.50
$ 2,295.00
150
$ 13.50
$ 2,025.00
20
$ 13.50
$ 270.00
30-Jan
370
$ 13.00
$ 4,810.00
0
$ 13.00
$ -
370
$ 13.00
$ 4,810.00
TOTAL
760
$ 10,295.00
370
$ 5,215.00
390
$ 5,080.00
LIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
220
$ 14.50
$ 3,190.00
$ 14.50
$ -
220
$ 14.50
$ 3,190.00
Purchases:
20-Jan
170
$ 13.50
$ 2,295.00
$ 13.50
$ -
170
$ 13.50
$ 2,295.00
30-Jan
370
$ 13.00
$ 4,810.00
370
$ 13.00
$ 4,810.00
0
$ 13.00
$ -
TOTAL
760
$ 10,295.00
370
$ 4,810.00
390
$ 5,485.00
Specific Identification
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
220
$ 14.50
$ 3,190.00
200
$ 14.50
$ 2,900.00
20
$ 14.50
$ 290.00
Purchases:
20-Jan
170
$ 13.50
$ 2,295.00
170
$ 13.50
$ 2,295.00
0
$ 13.50
$ -
30-Jan
370
$ 13.00
$ 4,810.00
0
$ 13.00
$ -
370
$ 13.00
$ 4,810.00
TOTAL
760
$ 10,295.00
370
$ 5,195.00
390
$ 5,100.00
Average Method
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
220
$ 14.50
$ 3,190.00
Purchases:
20-Jan
170
$ 13.50
$ 2,295.00
30-Jan
370
$ 13.00
$ 4,810.00
TOTAL
760
13.55
$ 10,295.00
370
13.55
$ 5,013.50
390
$ 13.55
$ 5,284.50
FIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
220
$ 14.50
$ 3,190.00
220
$ 14.50
$ 3,190.00
0
$ 14.50
$ -
Purchases:
20-Jan
170
$ 13.50
$ 2,295.00
150
$ 13.50
$ 2,025.00
20
$ 13.50
$ 270.00
30-Jan
370
$ 13.00
$ 4,810.00
0
$ 13.00
$ -
370
$ 13.00
$ 4,810.00
TOTAL
760
$ 10,295.00
370
$ 5,215.00
390
$ 5,080.00
LIFO
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
220
$ 14.50
$ 3,190.00
$ 14.50
$ -
220
$ 14.50
$ 3,190.00
Purchases:
20-Jan
170
$ 13.50
$ 2,295.00
$ 13.50
$ -
170
$ 13.50
$ 2,295.00
30-Jan
370
$ 13.00
$ 4,810.00
370
$ 13.00
$ 4,810.00
0
$ 13.00
$ -
TOTAL
760
$ 10,295.00
370
$ 4,810.00
390
$ 5,485.00
Specific Identification
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
220
$ 14.50
$ 3,190.00
200
$ 14.50
$ 2,900.00
20
$ 14.50
$ 290.00
Purchases:
20-Jan
170
$ 13.50
$ 2,295.00
170
$ 13.50
$ 2,295.00
0
$ 13.50
$ -
30-Jan
370
$ 13.00
$ 4,810.00
0
$ 13.00
$ -
370
$ 13.00
$ 4,810.00
TOTAL
760
$ 10,295.00
370
$ 5,195.00
390
$ 5,100.00
Average Method
Cost of Goods available for sale
Cost of Goods Sold
Ending Inventory
Units
Cost/unit
COG for sale
Units sold
Cost/unit
COGS
Units
Cost/unit
Ending inventory
Beginning Inventory
220
$ 14.50
$ 3,190.00
Purchases:
20-Jan
170
$ 13.50
$ 2,295.00
30-Jan
370
$ 13.00
$ 4,810.00
TOTAL
760
13.55
$ 10,295.00
370
13.55
$ 5,013.50
390
$ 13.55
$ 5,284.50
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.