Laker Company reported the following January purchases and sales data for its only product.
| Date | Activities | Units Acquired at Cost | Units sold at Retail | |||||||||||||||
| Jan. | 1 | Beginning inventory | 190 | units | @ | $ | 7.00 | = | $ | 1,330 | ||||||||
| Jan. | 10 | Sales | 150 | units | @ | $ | 16.00 | |||||||||||
| Jan. | 20 | Purchase | 110 | units | @ | $ | 6.00 | = | 660 | |||||||||
| Jan. | 25 | Sales | 130 | units | @ | $ | 16.00 | |||||||||||
| Jan. | 30 | Purchase | 280 | units | @ | $ | 5.50 | = | 1,540 | |||||||||
| Totals | 580 | units | $ | 3,530 | 280 | units | ||||||||||||
The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300 units, where 280 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.
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.
-----------------------------------------------------------------------------------
No comments:
Post a Comment