Required information The following information applies to the questions displaye

Question

Required information The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost Units sold at Retail 140 units @ $6.00= $ 840 Date Dan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Dan. 25 Sales Jan. 30 Purchase 100 units 15 60 units$5.00300 80 units 15 180 units @ $4.50= 380 units 810- $1,950 180 units Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 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 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 LIFO

Explanation / Answer

Ending inventory cost SI No. Methord Units Total cost 1 Specific Identification 200 925 2 Wegihted average cost 200 918 3 FIFO 200 910 4 LIFO 200 930 1 Specific Identification Purchase cost cost of goods sold Ending inventory Date Nature of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Beginning inventory 140 6 840 Jan-10 Sales 125 6 750 15 6 90 Jan-20 Purchase 60 5 300 Jan-25 Sales 55 5 275 15 6 90 5 5 25 Balance 20 115 Jan-30 Purchase 180 4.5 810 15 6 90 5 5 25 180 4.5 810 Ending Balance 200 925 2 Weighted average cost Purchase cost cost of goods sold Ending inventory Date Nature of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Beginning inventory 140 6 840 Jan-10 Sales 100 6 600 40 6 240 Jan-20 Purchase 60 5 300 Balance 40 6 240 60 5 300 100 5.4 540 Jan-25 Sales 80 5.4 432 Balance 20 5.4 108 Jan-30 Purchase 180 4.5 810 Ending Balance 20 5.4 108 180 4.5 810 200 4.59 918 3 FIFO Purchase cost cost of goods sold Ending inventory Date Nature of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Beginning inventory 140 6 840 Jan-10 Sales 100 6 600 40 6 240 Jan-20 Purchase 60 5 300 Balance 40 6 240 60 5 300 100 540 Jan-25 Sales 40 6 240 40 5 200 Balance 20 5 100 Jan-30 Purchase 180 4.5 810 Ending Balance 20 5 100 180 4.5 810 200 910 4 LIFO Purchase cost cost of goods sold Ending inventory Date Nature of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Beginning inventory 140 6 840 Jan-10 Sales 100 6 600 40 6 240 Jan-20 Purchase 60 5 300 Balance 40 6 240 60 5 300 100 540 Jan-25 Sales 20 6 120 60 5 300 Balance 20 6 120 Jan-30 Purchase 180 4.5 810 Ending Balance 20 6 120 180 4.5 810 200 930

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