[The following information applies to the questions displayed below.] Required:
ID: 2509619 • Letter: #
Question
[The following information applies to the questions displayed below.]
Required:
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 390 units, where 200 are from the January 30 purchase, 80 are from the January 20 purchase, and 110 are from beginning inventory.
Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
Laker Company reported the following January purchases and sales data for its only product.Explanation / Answer
Available for Sale Cost of Goods Sold Ending Inventory Purchase Date Activity Units Unit Cost Units Sold Unit Cost COGS Ending Inventory- Units Cost Per Unit Ending Inventory- Cost Jan. 1 Beginning inventory 260 9.2 150 9.2 1380 110 9.2 1012 Jan. 20 Purchase 330 8.2 250 8.2 2050 80 8.2 656 Jan. 30 Purchase 200 7.2 0 7.2 0 200 7.2 1440 790 400 3430 390 3108
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