Required information Use the following information for the Exercises below. [The

Question

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. Date Dan. 1 Beginning Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Units Acquired at Cost 180 units @ $15.00= 2,700 370 units $14.50 5,365 Units sold at Retail 185 units $25.00 200 units $25.00 385 units Totals 785 units $11,825 ces The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 400 units, where 370 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 6-3 Perpetual: Inventory costing methods LO P1 Required: 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

Closing Balance of Inventory - 400 Units @ 14.61 (5845)

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(1) Specific Identification Goods Purchased Cost of Goods Sold Inventory Balance Date Units Cost per unit Units Sold Cost per unit COGS Units Cost per unit Balance Jan-01 235 16 3760 Jan-10 185 16 2960 50 16 800 Jan-20 180 15 230                15.22 3500 Jan-25 25 16 400 205                15.12 3100 Jan-25 175 15 2625 30                15.83 475 Jan-30 370 14.5 400                14.60 5840 Total 785 385 Closing Balance of Inventory - 400 Units @ 14.60 (5840) (2) Weighted Average Goods Purchased Cost of Goods Sold Inventory Balance Date Units Cost per unit Units Sold Cost per unit COGS Units Cost per unit Balance Jan-01 235 16 3760 Jan-10 185 16 2960 50 16 800 Jan-20 180 15 230                15.22 3500 Jan-25 200                15.22 3043 30                15.22       456.52 Jan-30 370 14.5 400                14.55    5,821.52 Total 785 385 Closing Balance of Inventory - 400 Units @ 14.55 (5821.52) (3) FIFO METHOD Goods Purchased Cost of Goods Sold Inventory Balance Date Units Cost per unit Units Sold Cost per unit COGS Units Cost per unit Balance Jan-01 235 16 3760 Jan-10 185 16 2960 50 16 800 Jan-20 180 15 230                15.22 3500 Jan-25 50                16.00 800 180                15.00    2,700.00 Jan-25 150                15.00 2250 30                15.00       450.00 Jan-30 370 14.5 400                14.54    5,815.00 Total 785 385 Closing Balance of Inventory - 400 Units @ 14.54 (5815) (4) LIFO METHOD Goods Purchased Cost of Goods Sold Inventory Balance Date Units Cost per unit Units Sold Cost per unit COGS Units Cost per unit Balance Jan-01 235 16 3760 Jan-10 185 16 2960 50 16 800 Jan-20 180 15 230                15.22 3500 Jan-25 180                15.00 2700 50                16.00       800.00 Jan-25 20                16.00 320 30                16.00       480.00 Jan-30 370 14.5 400                14.61    5,845.00 Total 785 385

Closing Balance of Inventory - 400 Units @ 14.61 (5845)

THANK YOU

PLEASE RATE MY ANSWER AND COMMENT BELOW FOR ANY QUERY.

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