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11 Connect This page is having a probkl+ × v a newconnectmbeducation.comyflow/connect.htm ters 6 and 7 6 He 0 Required information Use the following information for the Exercises below. The following information applies to the questions displayed below Laker Company reported the following January purchases and sales data for its only product Units sold at Reta te Activities Units Acquired at Cost Beginning 228 units@ $14.5-$ 3,199 an nventory Jan.10 Sales 3an. 20 Purchase170 units@$13.58-2,295 Jan.25 Sales 170 units@ $23.50 200 units@$23.50 Jan. 30 Purchase 378 unitse13.- 4 4,810 $10,295 370 units Totals 768 units Exercise 6-5A Periodic: Inventory costing LO P3Explanation / Answer
FIFO cost of goods sold Ending inventory Date 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 Jan-01 Beginning inventory 220 14.5 3190 Jan-10 Sales 170 14.5 2465 50 14.5 725 Jan-20 Purchase 170 13.5 2295 Balance 50 14.5 725 170 13.5 2295 Jan-25 Sales 50 14.5 725 150 13.5 2025 Balance 20 13.5 270 Jan-30 Purchase 370 13 4810 20 13.5 270 370 13 4810 Balance 390 5080 Total 760 10295 370 5215 LIFO cost of goods sold Ending inventory Date 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 Jan-01 Beginning inventory 220 14.5 3190 Jan-10 Sales 170 14.5 2465 50 14.5 725 Jan-20 Purchase 170 13.5 2295 Balance 50 14.5 725 170 13.5 2295 Jan-25 Sales 170 13.5 2295 30 14.5 435 Balance 20 14.5 290 Jan-30 Purchase 370 13 4810 20 14.5 290 370 13 4810 Balance 390 5100 Total 760 10295 370 5195 Avarage cost of goods sold Ending inventory Date 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 Jan-01 Beginning inventory 220 14.5 3190 Jan-10 Sales 170 14.5 2465 50 14.5 725 Jan-20 Purchase 170 13.5 2295 Balance 220 13.727273 3020 Jan-25 Sales 200 13.72727 2745.45455 Balance 20 13.727273 274.54545 Jan-30 Purchase 370 13 4810 390 13.037296 5084.5455 Balance 390 5084.5455 Total 760 10295 370 5210.45455 Specific identification method cost of goods sold Ending inventory Date 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 Jan-01 Beginning inventory 220 14.5 3190 Jan-10 Sales 170 14.5 2465 50 14.5 725 Jan-20 Purchase 170 13.5 2295 Balance 50 14.5 725 170 13.5 2295 Jan-25 Sales 35 14.5 507.5 165 13.5 2227.5 15 14.5 217.5 Balance 5 14.5 72.5 Jan-30 Purchase 370 13 4810 15 14.5 217.5 5 13.5 67.5 370 13 4810 Balance 390 5095 Total 760 10295 370 5200
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